Gradually degrading multimedia recordings

A system including a recording device in which multiple lesser quality recordings of a program, e.g., recordings at a reduced bit rate, are determined by transcoding a high quality version of the program. Since transcoded recordings are determined with respect to the high quality version, they will have the best quality available for a given bit rate. The system allows a user to manage recordings by associating retention policies and relative ranking attributes with recordings, where a policy manager may use these associated policies and attributes to select which high and lesser quality copies of the program are retained over time, thus gradually degrading retained copies in accord with user preferences.