I've never used Recode but I'll give it a try.
As for the other way then that's the same as using DVD Shrink and there's definitely some loss in picture quality. A major loss in quality if using 330 mins of video on a 4.7 GB disc.
What this guy has done is back up 330 mins of video into a 4.3Gb size file and the picture quality is absolutely perfect. No loss in quality whatsoever and kept it in DVD format which is the key. Recode will change the type of file and Nero will lose major quality.
Anyway thanks for your help which as I said I really appreciate.