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All you need to do to start capturing a time-lapse movie is to fill in the number of frames that should be allowed to pass before you capture one image. Since the DV frame rate is 29.97 (or roughly 30) frames per second, if you set the pop-up to 30, youll be capturing one frame for every 30 seconds of real time. If you let the camera run for 30 minutes, youd wind up with 60 frames (two frames from each minute). When you play that movie back, it will take roughly two seconds, since the playback will happen at the standard 29.97 frames per second. Bingo, instant time compression.
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iMovie doesn't capture the frames you don't need; it just captures them at the interval you specify. But yes, using a high-quality still camera and something like evoCam, you can make some very nice time-lapse clips.
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