The presets for any project can only be selected at the time of creating the project. You cannot change the preset for a project after it has been created. To select a project preset when starting a new project, click Change Settings in the New Project dialog and select the preset that matches your footage. If you add a movie clip whose preset does not match the project’s preset, to the Expert view timeline, a message is displayed. Click Yes to let Adobe Premiere Elements change the project settings to use the closest available preset.
For more information, see Dynamic Sequence Preset. General settings (Edit > Project Settings > General) control the fundamental characteristics of a project. They include the editing mode used to process video, frame size, aspect ratios, count time (Display Format), and playback settings (Timebase). These settings match the most common source media in your project. For example, if most of your footage is DV, use the DV Playback editing mode.
The quality of your video can deteriorate if you change these settings arbitrarily. General settings include the following options.
So here's my problem: I've recorded a bunch of material by using on my computer. But when I take it in to Premiere it either get's 'boxed' with pillars on the side or just desn't fit at all. I believe this is because I don't know what sequence/export setting I should use. The footage I have been recording have the resolution of 1680x1050, 60 fps, so I tried to make a custom preset where the output is in the same resolution, but it just looks wierd and doesn't fit all. Also, the quality get's screwed up, I believe that is because I may be using the wrong video codec at the render. The premade sequence settings that has almost worked perfectly is DVCPROHD 720p60 but I get those black pillars at the side. Just to make clear I am after high quality settings that I can render out and post as 720p on youtube.