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The Cineform codec provides an intermediate format that is 1) less processor-intensive to edit, and 2) retains quality through multiple generations/heavy editing.
HD and HDV folk benefit from both of the above; SD folk mainly benefit from the latter.
You can certainly convert DV to SD-resolution Cineform files, although there isn't (that I'm aware of) an on-the-fly conversion process equivalent to what is available during HDV capture.
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