It is hard to make the cut and sometimes you record a lot but find out, because of it's cut being so dynamic, that you don't have enough material (happens all the time).
About the formats, well, it's nice for you to render it in various formats: the best for dvd, the best for internet, a raw one... never know where it's going to be!
About the sound, well, you won't put your finger in there, of course, only if there's moments of distance between the video and the music, where you can hear the natural sounds. When it happens, it's important to help the cut and making it more pleasant by sitting with the editor director and planning the noises with him so it follows the "tempos" of the song! :)