Also, in a practical sense, it really depends on where you want to end up, & what hardware will be available to get you there. i.e. don't render in a format that your editing system can't import efficiently... don't edit on a system that only outputs a Master format that your lab or duplication facility can't handle... etc. You have to plan the "hand-off" from each stage of the process, all the way to the end, to determine the best place to start.