I have 200Gb+ of raw footage on my PC, even on my new 1Tb hdd with 1Gb being equivalent to just 5 minutes of footage this is pretty inefficient so I want to convert them to something more sensible.

Although I'm not concerned about a minor loss of quality, I think if I convert to Divx at high quality this will be acceptable. But what if I want to then use/edit them in Premiere pro? Do they slow everything down when imported? Does premiere CS3 handle divx OK now, I know it didn't in the past? Or what other codec should I compress with? Cheers.