What format should I use to capture tv episodes?

[DC5R]

I have been using .wmv to capture tv episodes because its a lot smaller than mpeg2 and the quality is acceptable to me. But what format is best in terms of size and quality? I'm trying to fit these recordings on a CDR.
Would recording in mpeg2, then converting to divx work?

Thanks

[Anonymous65]

If you're happy with Windows Media files, then you will not find anything else that will make smaller files and give the same or better quality. Mpeg-2 require a lot higher bit rate. Divx and Windows Media files are pretty close, divx is made from a Microsoft compressor.

[DC5R]

But if I really wanted to convert from mpg2 to divx, what program should I use?