No, from my video camera which shoots at 1920x1080 50p 28mbps. Footage shot on the iPhone should (don't quote me on this) already be in the correct format so individual clips can just be imported into iTunes and streamed.
If you are putting several clips together then you could TRY the intelligent SVRT in 'Produce' after putting all the clips on the timeline first to render it or use the settings I used, but use the 30p setting as it shoots in 30 frames.
Cheers,
Andrew
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