My new drive crashed after a couple days. Brought it back to the store. Luckily I didn't delete anything from the old one.
I've ordered 2 new drives (different type) which arrived yesterday. So I think things will start rolling again shortly.
I think I'm going to go standard-def for now. I'll do it in such a way that if I find an HD source before I'm done, I can easily make the project HD by swapping the source out with the SD file.
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In order to save time, I'm also looking for some kind of lossless codec that I can convert MPEG 2 into while editing, other than uncompressed AVI....