through media import you can save them as any format that you want , AVI, Mpeg, Mpeg2, ect ect
then you can use the roxio suit to make a custom DVD of those tapes, and depending on how good at using the suit you can also edit out all the rubish from the captured video to make a flash looking job
hope that helps?
I believe if using the Dazzle unit that comes with EMC 9 Deluxe, the only option is to save as .MPG2 with it's USB connection. So, the format you can save with depends on the hardware you use to capture the video. Some DV camcorders allow you to play your VCR output through them, and capture via a firewire port. Then you could capture as .AVI.
I have an external USB capture unit, and video captured as .MPG (at 9Mb/s) looks pretty much identical to the original.