How often will MPEG 2 be encountered?

Hi...
I understand that MPEG 2 is a "codex" (I hope) and among many (correct me if I'm wrong)....
But my question is - where and when would I encounter this codex? Is it something that I should prepare for ahead of time or wait until needed?
Are all the different codex's out there, from and for, all the different "devices" out there such as camera's, video recorders, and whatever they can think of, that captures "image" and or "audio" and or converts it?
I just wanna put my thinking to bed once and for all....
Comments, suggestions and opinions are welcome...
Thank you in advance....

Codexes are books, one quite famous one is Da Vinci's codex bought by Armand Hammer.
Codec is an abbreviation for encoder/decoder, and is the way some type of video was encoded, both audio and video.
MPEG-2 is found on all DVD's and in many camcorders such as the JVC Everio line. Unlike a Quicktime movie the audio and video are multiplexed together into a single track, whereas an MPEG-4 QT movie can be seen to have one audio track (or more) and a video track. Different codecs are used to encode each, for example H.264 for the video and AAC or MP3 for the audio.
Note the new MPEG-2 Apple component still does not deal with muxed audio making it of real marginal value to buy again.

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