When converting AVCHD 1920*1080i to HDV2, I use TMPGENc Xpress4.
The
result is quite good, and if the scene does not contain too much fine
details (leaves, small waves on water, etc.), it is pretty much
identical to the source.
I do see a sharpness difference between
my converted AVCHD, and native HDV, but I found out that this is due to
the differences between the cameras, not the transcoding (at least with
TMPGEnc Xpress): while the AVCHD cam has 1920*1080i resolution (Canon
HF11 @ 24 Mbps), the image is perceptually somewhat softer than the HDV
from my Canon XH-A1 (1440*1080i), essentially because of the optics
& imaging chip quality.
And I also found out that downscaling (e.g. from 1920*1080 to 1280*720 or 720*576) a soft picture yields a ... soft picture. This can perhaps be fixed by using another scaling filter instead of Lanczos.