I've started using WinVCR with my TV Wonder VE, and created a custom profile (message elsewhere) to capture in MPEG2. The resulting file can be burned directly to a Super CD. BUT...

The "segment editing" is horribly inaccurate. Even using the "step move" for the segments, time is inexact - and there seems to be some kind of offset that adds as the edits go further into the file. (I've been recording "Smallville" and removing the commercial breaks. The result barely fits a 700 mb CD.) Each click sends the "start" and "end" about 1/10th of a second, with no corresponding change in frames. When the final sequence is assembled, the edits are progressively worse.

Is there another program out there (reasonable, I hope) that will edit MPEG-2 files directly without re-encoding? I know VirtualDub will, but that entails lots of hard drive space and re-encoding to MPEG2.