Well the compression ratio is about the same.... mpeg4 might save about 50k or so on the average sized clip but the main difference is the quality and loading time. Mpeg4 looks great at fairly high compression while mpeg3 looks horrible at the same compression. With that being said, the better the compression the longer the loading time and the more processor dependant the playback is. Mpeg and mpeg2 are almost instant in their loading while mpeg4 takes a sec or two. Also you need a powerful pc to playback mpeg4 and have other things going on at once. (By powerful I mean around a gig or more processor.)
These aren't exact benchmarks though, just what I've found by playing around with them.
Perhaps someone could reccomend a good video editing site with tips for best compression and a side-by-side comparison?
Believe it or not, in a former life I used to do this stuff semi-professionally. But at the time real video was the only thing worth doing and mpeg2 was the next big thing, so I'm definately out of the loop at this point.
