Thanks Steve for clearing the whole thing up. I generally only edit the top and 
tail of the footage if at all, so a flash based h.264 camcorder makes sense. 
Having a HD camera in my bag everyday has been handy sometimes.
--------


BBC R&D did some work on this a few years back - here's a white paper from 
2006, for example, if anyone's interested:

http://www.bbc.co.uk/rd/pubs/whp/whp138.shtml

The basic finding was more or less what Jeremy said - that long-GOP video 
encoding makes life harder for the people who write video editing software, but 
doesn't make frame-accurate editing impossible by any means.  You have to trade 
the advantages and disadvantages of recording with a long-GOP codec according 
to circumstances - a state of affairs that will probably surprise nobody. :-)

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