Towards Better Chroma Subsampling - SMPTE Presentation Notes
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The Big Picture

Chroma subsampling (including 4:2:2) is not visually lossless in all cases. At high bitrates it tends to impair quality.

Do consumers care? Chroma problems tend to go unoticed except in the case of any 4:1:1 with box upsampling (titles will not look very good).

Subjective evaluation is very important!

Testing with real world scenarios is important.