PerroneFord @ it really helped..it all makes sense now..
i still have few basic questions that i hope you guys can help me out with...
1- lets say i want to shoot a clip on under a daylight sun with my camera set to 24fps. Do i use the lowest ISO possible? and other than that what else needs to be set. I guess the white balance needs to be put on Daylight, right?
Alrighty... if you were shooting in broad daylight (11AM - 3PMish) then you solve your over-exposure issues by:
A. Purchasing ND Filters
B. Purchasing a Polarizer
C. Employing an ISO value anywhere from 100 - 160, or 320
Why?
Because, ideally you want to shoot @ 1/45 or 1/50th shutter at all costs. The higher the shutter speed, the more staccato the motion. See: SAVING PRIVATE RYAN for a visual reference.
White Balance - There's a lot more to white balancing, unfortunately, than just setting it to Daylight. The latest information that people are going to need to learn to maximize image quality is using the COLOR SHIFT option.
For simplicity, though, you balance somewhere between 4400K and 6000K.
2- i read a lot of people recommending using a 1/50 shutter speed when using the video mode. Can someone just briefly explain how the shutter speed and aperture effect the video.
Somewhere around 1/50th shutter. I actually have been using 1/45 and I'm happiest in that range. The reason, however, is because it translates to somewhere near one-hundred and eighty degrees (180degrees) in angle. That's close to what Film is generally "shot" at.
Short: If you're mimicking the dream-like motion of film, you may want to shoot either 1/45 or 1/50. However! This is not a HARD rule, as sometimes you're able to get away with shooting much lower, barring there isn't much in the scene.
3- i have heard that having a tripod is a must when shooting films using the DSLRs like the Canon D7. I do have a tripod but i wouldnt its a very stable one. Its light and shakes a lot. How important is it to have a tripod when shooting video on the D7?
*Canon 7D
Having a tripod is not a *must*. It comes down to aesthetic and how you'd like to shoot a specific project. I, myself, prefer handheld and would purchase a Cine Saddle for static shots. They're awesome.
How can you solve the instable tripod? Sandbags on the legs. However, a good tripod is always essential: try panning with a cheap tripod, then try it with a good one, it's becomes very apparent why.
A cheap tripod, though, can be used for more than just locked-down shots. =] More on this very soon.
The rest of the questions are open for discussion.