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HEVC, 720p only on the RPi2. At about maximum of 1.5 - 1.6Mbps bitrate when Overclocked. Lots of fast action scenes and the bitrate will most likely have to be lower. With fast decode you may be able to get a wee bit more out of it.

Thanks I will leave the max rate at 1500 then and I'm only doing my 480i mpeg2 content since the /time/effort/storage savings/ for HD content is not worth it to me. Currently I'm converting M*A*S*H so not much for fast action. When I change to another show I'll double check fast action.