Jarod, i have 100mbps so bitrate isn't actually a problem for me, as long as it's below 100mbps, and doesn't get above 100gb (Youtube has a limit around there per file).
I would though say, MPEG-2 look like crap even at those bitrates for HD, even x264 isn't able to make it completely transparent on normal settings, though it's very close.
Jim, yeah i know that, but i would like to know how big a difference there is.
If it's 10-20% it's completely fine, if it's like 50% then that's a major difference.