Flipping video 180 degrees

If video is shot upside down is it a simple matter with software to flip it 180 degrees? I see it can be done in iMovie. Is there any down side to this, quality loss etc?

I ask because tomorrow when I shoot in the pool the easiest way for me to rig my housing in a fixed position will be upside down suspended by an arm from above the pool.

Depending upon your software when you add any filter to a clip it will affect the quality to some degree, however minimal. In your case, either rotating the clip in the Motion tab or adding a flop filter will have little discernible effect upon what you see. Remember however, that a computer monitor is not meant for color correction purposes and that using an external monitor is really very essential for anyone who is serious about their work.

Steve