Originally posted by tuco I don't know the technical ins-and-outs of the process. Maybe someone else can. But most video formats don't have a key frame for every frame. That would be uncompressed video if it did. So the frames between key frames are pretty much mathematically defined. And I believe motion JPEG just applies its compression to the individual frames themselves instead of having key frames with interpolated frames in between.
So when you convert frame rates into say an editing format, it just reconstructs the video interpolating frames as needed. I believe the only way you'll ever show someone your motion JPEG is on your computer or device in front of you. If you upload it to a hosting site, it will be pretty much transcoded to compressed format that I described.
It's true that some video formats contain only a few full key-frames, but that doesn't mean the other data is just thrown away. The other frames are not just discarded then reconstructed by interpolating the frames as needed, as you put it, rather they are compressed by referencing back to the key frame. All the motion and colour information is still there, it's just included in shorthand. So messing with the time/frame rate/ playback speed during transcoding can often have major effects and usually looks terrible.
It is very difficult to do a good looking 30p to 24p conversion; if it wasn't then we wouldn't have all this hoopla about particular cameras not having 24p. Imagine if you listnened to your favorite song and every 6th beat was skipped, or if they played some beats blended together. Thats essentially what you're doing with a 30p to 24p conversion.
And video codec's with a full keyframe for every frame are not called uncompressed. They are called intraframe codec's and include DV, DVCproHD, AVC-intra, MJPEG, Cineform, and plenty more. Uncompressed video is like taking 24 (or 25 or 30 or 50 or 60) RAW photos per second. It requires massive processing power and storage space - and is unnecassary for all but a few very specialised purposes.