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I would do all of the below to preserve home movies that can't be recreated:
Encode high bitrate MPEG-2 (DVD). Burn two copies: Verbatim 16x MCC-004 (PAPA) and TY Premium 8x DVD+R. Give one copy to a family member or friend offsite.
Store DV files on external WD or Seagate 400 or 500 GB. Cost less than $100 and would take an only an hour to two to copy. (A lot easier than all that encoding and lets you access the the raw files later on to convert to future formats.)
Keep all the DV tapes.
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