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what is the point of the guide camera providing a video stream if mount corrections are sent only once or twice a second
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The fast video stream is for accurate centroiding (star position characterization) of the guide star. More data = better (YMMV). With an accurate running mean of the centroid, more accurate data can be sent to the mount according to your guide period. The two are quite separate.
I use both Metaguide and PHD2 successfully with the ZWO ASI120MM-S. Overally, I think MG is the superior performer, but PHD2 has a better polar alignment routine (it's fantastic) and talks to Nebulosity for dithering. So I'm using that for now, until I can get SGP and its plate solving working properly (a medium-term project). For PHD2, I use the ZWO in WDM cam mode, taking 100ms exposures and sending a guide pulse to the AZ-EQ6 mount every 1.5 sec. Seems to give the best stability. I use an OAG.