Indeed, yes, I scanned the question too quickly and thought it was about streaming from USB webcams that do their own MJPEG.
But the actual topic of trying to do video output from an MT7688 is indeed not sensible.
The cheap "not quite Android" chips used in the dongles, or a pi (if you can get the GPU actually turned on for the desired compression), do make much more sense for that... and not just in the dedicated computational paths, but in having HDMI output!
I have only used motion on the raspberry pi, but it's function is to take a photo or short video when motion is detected. It is a much simpler algorithm than opencv. You can actually use opencv to detect objects and faces. I haven't used it yet, but now have a book on the project and intend to try to get it to recognize members of my family.
I was able to get the omega to stream video pretty easily (there are other threads). It was a pain to get the streaming library compiled on the pi.
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