I understand. And I'm not saying you're wrong. I'm saying something different and it seems to me that you already have enough knowledge. Yes, the transcoding/upsampling I was referring to is exactly like what you said (converting a 12-bit .pef file to a 16-bit tiff file for example). You don't do this to increase quality (obviously you can't) but to minimize the loss of quality throughout a particular/long editing process (multi-render, chroma key, color correction).
I don't use myself commercial software but a photographic example could be: I edit a raw 12-bit .PEF in lightroom, export a 16-bit .TIFF file and then open it with Photoshop to do more advanced/creative editing. You do this upsampling process because you have to stress that file and edit a second time with another program and you want to minimize the loss of quality, right?
That's all I'm saying. Just "theory". You can put the mjpeg into Premiere, do all your editing stuff and render the way you want and you'll be fine.
Nobody here is wrong, I just wanted to point out one or two things
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