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for hw, i have 2 questions:
1. what is your eye most sensitive to in relation to film/video? (
(My answer I think is light, however I dont know how that can be applied to the next question.)
2. How does that affect the way film/video is processed?
Our eyes are much more sensitive to luminance than chroma. Here are some articles and background reading:
http://provideocoalition.com/index.php/cmg_keyframes/story/luma_processing/
http://broadcastengineering.com/hdtv/avch-encoding/index.html
This affects the way video is processed, because final distribution formats (e.g. blu-ray, dvd, flash for web) are 8-bit , 4:2:0 Y'CbCr to conserve bandwidth (instead of higher color sampling like 4:4:4, or bit depth like 10-bit (bits per channel) video), because you can get away with using lower bandwidth for encoding the color information.
If you look on page 3 or 4 in that 2nd article, there are PSNR comparisons for 4:2:2 vs. 4:2:0 (not that PSNR is that great of a measurement... but I digress)
However, you should strive to use higher sampling and bit depth for intermediate calculations and color correction (you get better results, fewer errors accrue), even if your sources were only 8-bit and 4:2:0 to begin with, and the higher values were interpolated