I am trying flowblade now.
I have the feeling your supposed to keep the dv file direct from the tape around for future mods and export a 'finished' video file for say youtube. I was kinda hoping not to need to do that, but I can see it losing quality on x264 playback compared to the original dv file. Plus I am very new at this encoding and so many choices to make! SO I guess will have to keep originals and an encoded copy. Some of the tapes are +20 years old but still seem ok.
I was planning on taking a lot of digital8 tapes around 50 tapes and putting them on the computer hardrive. Then copy and give to my parents. He will not want large dv 13gb files so the idea was to edit then turn into x264 video files.
I did a few using windows movie maker on XP. This took the tape and realtime encoded in 720x480 vbr WMV file of about 1 to 1.5gb size. They actually look fairly decent. Using Windows Movie Maker, I saw no option to create any raw DV output file. WMM has a download for windows7. This new version of WMM can output straight to h264.