Premiere and question regarding rendering principle

[Stile]

OK, for example, I have .MOV file on Premiere timeline within Premiere project which is setup as DV project. So, .MOV on timeline is not rendered (it has red line above).

1) If I export it to .m2v with 3rd party software, final material was recompressed MOV -> M2V.

2) If I previously render .MOV within Premiere timeline in order to check some transitions, .MOV is rendered within Premiere in some temporary DV format and line above .MOV file is green. My question: if I export this timeline to .m2v with 3rd party software, is it recompressed as:
a) MOV -> DV -> M2V
or
b) MOV -> M2V as in example 1)?

How does Premiere work? I am asking because of final footage quality.

Thank you in advance.

[bjparch]

How I understand it, the render in Premiere is only a temp fill so you can see the video in real time on the timeline. On export, Premiere renders it directly to M2V.

[Stile]

Yes, this is true. I compared both footages and quality is same. Thanks.