WM Encoder 9, a free application from Microsoft is a very useful tool when recording content in the field via Firewire to a laptop. Files are captured as .wmv but can be opened and edited in most NLE's, such as Sony Vegas 6.0 You can encoded in the NLE, or re-encoded in Squeeze, WM or if you must Real media.
Since most capture to disc solutions, for example Firestore capture full frame (720x480) the down-convert can add significant cycle time to the production process. Also, a captured .wmv file size is very small, (a 20 minute segment captured at 320x240/15fps will average 90MB) so if you need to FTP content to a remote server, you can do it rather quickly even over the public net. In addition, if you do not plan to go back to tape there is no reason to capture full frame.

The other feature WM Encoder has is the ability to stream Windows Media content out in real-time. For example, if you wanted to set up a real-time moblogging system to your website using a DV camera and small laptop, this might be a solution, especially since I am not aware of any cell video camera (like the Nokia N90) that allows for anything beyond small file, short duration uploading.
I have worked with WM Encoder a lot and have come to understand some of its quirks, which I have listed below.
a. The audio metering is not a calibrated view; it is only an empirical guide. I suggest testing and then opening the file in the NLE of your choice to get a feel for the levels, since it is an encoded video file, you will not be able to open it an audio editor.
b. When viewing the audio meters they will appear on both channels even if you are only feeding one, be it the left or right.
c. It is also important to note that video brightness on your camera's viewfinder or external monitor will appear brighter then what is recorded within WM Encoder. For some reason it always works in this fashion. I would suggest lowering your laptop's brightness to the halfway point and then adjust your camera iris from there, you may want to experiment.
d. Video Safe Area, WM Encoder will capture the entire frame in your camera's viewfinder even beyond the safe action area so when framing a shot REMEMBER that you will need to frame according to what you see in WM Encoder and not in any other monitors.
e. The default Key frame interval setting is set to six however, I have seen flash frames during editing or scrubbing making editing more difficult. I lowered the key frame rate to three, which appears to have resolved the problem.
That said, these are not major issues and WM Encoder is a powerful application that has many useful features, namely;
- Retain or auto gen TC
- DRM plug-in via third-party providers
- Various plug-ins, (see image below)
- Deinterlace, Inverse Telecine
- 5.1 audio surround

WM Encoder should be part of your toolkit, and while it is a Windows only application, it is well worth using. I think the video quality is better then Real Media and audio is almost as good, finally yet importantly is the cost, free!
Please Note: Unless otherwise attributed, the ideas and thoughts expressed on this site are mine and mine alone and do not necessarily express those of my past, current or future employers.