.m2v or .mpeg

[Cruiser]

what format has the best feature?.m2v or .mpeg

[BHead]

m2v has 480x480 resolution but you need DVD software to play it (MPEG-2)
mpg has 352x240 resolution which can play on any machine (MPEG-1)

[JoshBosh]

or just install VLC, and it will play m2v's with no 3rd party codecs

[BHead]

for m2v's and vob's i suggest Cyberlink/PowerDVD combo, seems to work out great

[gilaboyfjs]

.m2v's have a higher resolution so it will look better when burned into dvds.