What's the best format to convert MPeG2 into

[starbuck]

I use my Hauppage PVR350 to record from TV onto PC. It records in MPEG2 as I want best quality but as I'm recording quite a lot. my hdd is quickly filling up. What format can I convert the files to to reduce the size but keep the quality(and ideally still be able to use it on my media MVP which I have hooked up).

What would be the best programs to convert to whichever is the best format.

[KBeee]

Save as Xvid or DivX.
There are tons of converters out there.
Take a look at Virtualdub MPEG-2, or TMPGEnc (free for mpeg1, 30 days free then $60 for mpeg2), or DGMPGDec, or AutoGK.