I save all my edited videos as .mp4 in .h264 codec.
I also suggest backing up your edited videos. I'm also planning to archive the raw footage. I would like to archive the transcoded media (Transcode to Pro Res 422), but that quadruples file sizes which gets expensive quickly.
FWIW, final...
Computer speed makes a big difference also. FCPX streamlines the import process. It imports and transcodes in the background.
I shot 250+gb of video yesterday. It'll take my computer several hours to transcode it all.
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