FOLLOW-UP:
BTW, how are you digitizing the VHS and Beta tapes? For you, this may be a major consideration. There are many methods of doing this—FireWire or USB DV device capture, via USB MPEG-2 devices, HDMI to component, component to AVCHD/BD, etc. Of course, if the digitizing proicess captures content in a DV stream format, then there is no need for further conversions as DV files are supported by all QT-based apps and can be directly edited and exported to a target compression format suitable for computer, mobile device, internet, or other targeted use. The AIC conversion is only required if the digital source files are not already in a QT edit compatible compression format—e.g., importing "muxed" MPEG-2/AC3, HDV, or AVCHD files from directly from a camcorder, optical disc, or memory card rather than using iMovie to convert them directly to an edit compatible format. The rule of thumb here is to "never convert content if it is not necessary." The corollary to this rule being to "always convert the edited project to an export file best suited for distribution and/or use and archive the edited project in its current compression format if needed for further use and you don't plan to "keep" the original sourece files."