video encoding

I have some wedding videos that are in format .vob, .dat and they take some space which i suspect can be reduced by re-encoding them to a modern video format. Also, I have lots of videos taken from point-and-shoot camera that are in .avi format. I am a beginner in video encoding and need some...

Isn't it waste of cpu processing? Isn't bluray just 4:2:0 encoded so i feel encoding in 4:4:4 makes no difference to quality. It only makes the file harder to play in standalone players or in systems that can't handle such Hi profile 444 encoded files. Edit: for those who don't know what 444...