Both use the mpeg2 technology I think, but they have difference extensions? so what's the difference what does one that the other can't? remember they're both mpeg2 and have mp2 audio.
A M2V file is usually a Mpeg2 Elementary Stream so it is just a Video file with no audio.. A MPG file is a mpeg file with audio... There are a few different extentions used for mpeg files Like : "M2P,M2V,MPV,MPEG,MPG,VOB,TS,MP2,M2T,M1V,DAT" And there are Probably more....
m2v can't have any audio. (of course if you rename the extension from mpg to m2v. but it still is mpg, cause it written in the header. if you open the file it will go like blah.m2v.mpg) m2v is the raw video stream, yeah you guess it v stands for video. mpg is the container like avi and matroska and OGM and MP4 as burning on to a dvd, if you're authoring app will wrap it into a vob, sure it will play, but there will be no audio. _X_X_X_X_X_[small]Codec packs are evil[/small]