Perhaps there has already been discussion on this topic, but I could not find it in the search. Can anyone tell me what version 8 has over version 7?

I am a newbie with video capturing, but can someone tell me which format it's best to capture my video to (via firewire card)? Will Pinnacle convert this format to MPEG? Or will I need something like TMPGEnc?

Thanks in advance for the help.