jtv can be played in ZoomPlayer, Media Player Classic, Windows Media Player.
Any player/editor that uses DirectShow can handle jtv.
Closed Captioning is not captured.
Can you clarify a little? What common/popular editors use DirectShow natively? Also the use of DirectShow implies to me that the direct video stream is not accessible - that it must be decoded/re-encoded to edit. Is is not possible to simply remux the .jtv content to a different container keeping the original streams or edit and save only re-encoding the sections that actually changed?
Lack of closed captioning seems like a major accessibility issue. For families with hearing impaired members, this is a critical feature.
Correct me if I am wrong but it sounds like the options are:
.JTV, to record an 'in progress' stream but with the lack of portability to platforms/programs that do not use DirectShow and loss of Closed Captioning.
.TS if you are hearing impaired or need cross platform compatibility. You lose the ability to capture 'in progress' stuff so you have to know ahead of time that you will need to have recorded what you are watching.
FWIW, WMC has the same issue that it doesn't' capture anything before the record button is pushed, but for those who need to there are ways to grab the buffer file and save.