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If the destination format is DVD I believe there is no point in using YUY2, since DVD is YV12, so MPEG encoders will perform this conversion anyway and using YUY2 for capture you're only wasting disk space.
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If you are going directly to DVD this is probably true. But if you intend to do any form of postprocessing I would stay at YUY2 to keep the extra chroma info available for the filters to work with. With the current crop of computers the difference in file size should not matter much.