Howdy - I work in the video production industry and I've had a JVC GR-DVL300U for about 4 years and it has been a great "around the house" consumer camera. I see JVC has about 4 cameras under $500, they're probably pretty good, I'd buy another one. If you're going to be doing a lot of shooting on a regular basis though, I would suggest investing a little more money in a prosumer range camera like a Canon XL1s (maybe even a used/refurbished one to save money) - the wear and tear takes a toll quickly on home video cameras. I've really taken care of mine, and that's very important in quality and longevity. As for software that plays multiple formats, yikes, that's tough. Many, if not most, of the programs like Studio, Edit & Avid use their own unique encryption methods and compatibility is difficult to come by. Adobe seems to be the best I've seen for using multiple formats, Adobe Premire, it's probably too expensive, and that's probably one of the major reasons why. Hopefully somebody will post a better option as far as working with multiple formats goes. I use Studio 8 for small stuff at home and it works great, but I agree, it certainly doesn't support other formats.
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