Windows 7: Do you prefer .wtv, .dvr-ms or other file formats?

At this stage it seems that Windows Media Centre for Windows 7 will only record in the .wtv format, with the context menu option to convert to a .dvr-ms file, or Windows Live Movie Maker's conversion to a .wmv file being the only Microsoft provided alternatives at this point.
Although WMC allows burning your recorded TV shows directly to DVD, there doesn't appear to be any way to edit out advertisements prior to burning, or any options to convert the file to something more flexible, eg. the .avi file format.
With many of todays current standalone DVD and Blu-Ray players being able to read DVD's with DivX or other encoded files, I find it hard to believe that we are limited to these files only (wtv & dvr-ms).

I'm also curious to know if you guys prefer any particular file formats, or if you're happy with the default .wtv's

Orheous wrote: "Although WMC allows burning your recorded TV shows directly to DVD, there doesn't appear to be any way to edit out advertisements prior to burning"

With Windows Live Movie Maker, you can most certainly remove the commercials, if so inclined and here is the link to videos from the tutorials on just how that is done:

Windows 7 Forums - Live

Thanks for that... is anyone else not able to view that link?
What I meant was, that there is no way to edit the commercials out using WMC prior to burning directly to DVD with WMC. I know that you can edit them out using Windows Live Movie Maker, and export (only) to a .wmv file.
But for those that want to use the edited file in a standalone device for example: DVD player, MP4 player, mobile phone etc., you then need to process the file a third time to get it into the format of choice eg. .avi

It's working here

Link works here.

I couldn't get that link to work either, not enough priveledge or something like that?

Orpheous, you do not have permission to access this page. This could be due to one of several reasons:

1. Your user account may not have sufficient privileges to access this page. Are you trying to edit someone else's post, access administrative features or some other privileged system?
2. If you are trying to post, the administrator may have disabled your account, or it may be awaiting activation.

Why is Orpheus making a note to Orpheus?

I Think he quoted what pops up when you click that link above, that's the same thing I got when I clicked on it too.

I think you just have to be logged in and also not timed out.