New
What version of Premiere Elements are you using and on what computer operating system it is running? If you already have Premiere Elements, I am surprised that you asked since the description of the presets are given within the program in the preset area.
NTSC DVD Widescreen
720 x 480 16:9 @ 29.97 interlaced frames per second (the 16:9 flag would stretch the video (856 x 480 pixels) for display after encoding.
HDTV 1080p 24 High Quality
1920 x 1080 16:9 @ 24 progressive frames per second
HDTV 1080p 29.97 High Quality
1920 x 1080 16:9 @ 29.97 progressive frames per second
These MPEG share opportunities allow for customization of the preset under the Advanced Button/Video Tab and Audio Tab of the preset.
Opportunities for the TV settings and technology should be factored into all this.
The resolution differences and similarities are obvious. So, are you asking about comments on interlaced vs progressive video and frame rate of 24 progressive frames per second versus 29.97 interlaced frames per second?
What format does your camera offer?
In the morning, broader discussion of what I think you are asking.
ATR
Add On....Do you have a particular interest in the "film look" that might be provided for by shooting 24p?