I'll take a stab at your post
You certainly can put Standard Definition on a Blu-Ray disc, and lots will fit. The only sub $10,000 authoring applications available now are Ulead Movie Factory of some version and Roxio's DVDit HD Pro. I cannot speak for Ulead, but at this early stage, I believe DVDit only supports .mpeg for encoding. Furthermore, there are a very narrow set of specs that Blu-Ray players will play and unless you nail them perfectly, DVDit will transcode to get "compliant" footage. Blu-Ray players are supposed to play AVCHD, but there is virtually nothing that will edit it yet (despite lots of cameres selling), and certainly nothing will author it in native AVC.
So the odds you being able to encode it once now and not have to transcode it later are slim. Furthermore, most of the early users of this gear are HDV enthusiasts to whom quality preservation is most important, and lossey compression of lots of standard def stuff is not important.
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