Need advice on conversion/software

Hey all.

I have a 2.6gb mov video file in which I have to cut a few scenes and I'd need to convert it to a convenient format. Something that would be readable on most basic players for windows and os x (was thinking of Mpeg-2?). I also have to reduce its size to something like 500mb or less. Optimally, without compromising too much on quality.


Is there any free or affordable software that could do that well?

I have vegas 9, but it seems I have to manually match the project/render settings with the video I'm working with. Since I really don't know much in this field, I'm not able to get the settings right and my video renders with deformed proportions.

I'd need something really straight forward that would automatically keep proportions intact without me having to mess with a billion settings.

Thanks!
 
you neglected to mention what operating system you're using so I don't know what to recommend..

I use a mac.

It comes with 'compressor' and I use that to convert h.264 footage into pro res so that it's compatible with my editor.

I also have handbreak.

And when I want to chop out a scene directly from a movie (with 0 loss of quality, without any converting) I use mpeg stream clip. I like to chop out fights and chases for later study.
 
What format is the footage you are editing? 720P? 1080P? SD? Do you have special software you need with your camera to convert HD in Vegas 9? That will help you to come up with a good output video format. Mpeg2 is great for authoring DVDs.
 
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