It also depends on what codec you're going to use and what resolution you're going to shoot at. You're saying every frame is encoded in it's entirety, but alot of codecs just don't work that way. This translates to quite less data per second.

Think about it. You're saying 1s will take up 34MB, that translates to about 2GB per minute. That would mean you fit just over 2 minutes worth of video on a DVD. Let's take a movie of around 90 minutes in DVD quality, that'll take up round 4GB (including sound yes). Divide that by 90 minutes (average movie length) and that will give you about 45MB per minute. or 760KB/S.. including sound.

Granted, HD movies will take up far more but still. Blu-ray (single layer) = 25GB. Now even if the entire 25GB is devoted solely to a 1.5 hour movie, that still translates to 4.5MB/s. Which is still way less than the 34MB/s you're looking at.

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