VCD's are a great way to store medium-quality video for long-term storage, with good compatibility with many DVD players (especially the cheap Chinese ones). They're also much easier to duplicate and use for distributing projects than video tape -- a blank CD-R is ten cents, while a video tape is a buck, and you can dupe the CD-R in under ten minutes.
The best site for learning about this is http://www.vcdhelp.com/. They've got lots of info. For my own purposes, I use this setup:
On my 1.13GHz Athlon, the whole process of capturing, editing, and converting takes about 3x the time of the original video, most of it spent waiting on my computer or VCR. I use Win98 as my multimedia OS, mainly due to hardware support... most of this is possible on Linux too, although you'll need to be more picky about your capture hardware. A cheap BT848 card ($15 from compgeeks.com) will do.
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