for video editing I personally like Adobe Premeir for my editor when i choose edit videos. I prefer Quicktime files as the exported files but windows media is more practical since almost every surfer will be on windows machines which comes with windows media player already installed. Also if you decide to stream your videos, windows media files will cost you - you would have to invested in a windows media server license. If you go with quicktime files you can get a free streaming server called DSS from apple's website.
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