Mpeg Streamclip: Which is the best conversion format for (SD) Mpeg 2 footag

I picked up a Canon FS11 (Very very tiny). With that comes some drawbacks, but overall a nice little camera that I can fit it my cargo or baggy pockets easily.
Anyways, I am able to convert the Standad definition Mpeg 2 footage with Mpeg Streamclip and use Final Cut Studio just fine so far.
My question is: It gives you options as to what format to convert the clips to (DV or Quicktime movie, as well as many other options. I just used NTSC DV, but was wondering if using a different format for conversion would be better or is this my best option.
Thanks in advance.

Thanks Michael,
That is very helpful.
I have two other question for you. Streamclip asks if I want to fix time code breaks. I checked it for yes. But, do I want to fix them? And if so it gives you the option to not skip any frames. Do I want to do that as well?
Also somebody mentioned to me that I could use the Quicktime ProRes option on Streamclip. Would that give me higher quality by going that route or would it be overkill for my SD footage from this tiny camera?
Thanks in advance for all of your thoughts.

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