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I use Ultra 2 - very pleased with it - there is a known bug though in PAL ALPHA Channel production. Still awaiting a fix. The resulting file is squashed into half the horizontal space with some options. (weird).
Also - it would (he says) be really easy for the developers to make it work in real time.
Just preview live - then have a buffer I-O setup, the DV capture stores into a buffer and ULTRA takes from the buffer. Then it wouldn't matter if ULTRA lagged by a second or two. - Just a thought.
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