I have authored DVDs before using Premeire Elements 4. I just got a Sony HDV HC7 (1080i) and have taken several HD format movies. I would like to create a Blu Ray disc for my next project and have a few questions.

1 - Some of my audience does not have Blu Ray players yet. Can I set up a single project in PE and burn both Blu Ray and standard DVDs in the end? Of course I assume PE will down convert my 1080i videos for DVD.

2 - I noticed there are 2 compressions for Blu Ray H.264 and MPEG2. I have tried to research the difference online but being a newb I didn't quite absorb it all. What is the basic difference?