Perhaps the greatest advantage of using a DV-based editing system is that it simplifies your choice of settings. The DV format is so consistent that systems like Premiere can include presets, sparing you the hassle of choosing video and audio settings manually. Ignorance is indeed bliss.
If you’re using a hardware capture card, your choices are simpler, not because they’re universal, but because they’re specific. The settings supported by your card are the most obvious choices for capture, playback, and export—especially if your goal is to produce a videotape of your final program. The documentation included with your capture card is your best guide.
If you’re editing on a different system from the one that you used for capture, ...