Your wish is granted. *POOF*
Apple developed iFrame for this purpose. (The Sanyo VPC-FH1ABK camcorder is the first to implement the new codec.) You'll supposedly get Blu-Ray quality with much smaller (streamable) file sizes.
I've begun to understand Apple's strategy. Fifteen years ago, all my data resided on a handful of floppies. Now I have an array of three external hard drives, and I'm running out of space. It's getting ridiculous. It all has to go to the cloud. There's no other viable solution.
Yep. You're so insightful. And when storage prices for the "cloud" start to get ridiculous, bandwidth for your data is choked, your data gets stolen...you will be on here crying about how the cloud is raining.