Create a Version from image sequence

The following information is taken from the docs:

All media you upload to Shotgun and RV is streamable. However, the Shotgun and RV integration reads paths to locally-stored media from the “Path to Frames” ( sg_path_to_frames ) and “Path to Movie” ( sg_path_to_movie ) fields on the Version. This is separate from the streamable media that’s uploaded to the Shotgun server (to the “Uploaded Movie”/sg_uploaded_movie field on the Version), and automatically into web-streamable formats.

My question is:
1 - No matter if I upload a “Version” using JPEG frame sequence or mp4/h264 the medial will always be transcoded for a standard format, is that correct?
2 - I’m attempting to create a version using the tag sg_path_to_frames, but it only appears to recognize one frame…
sg_path_to_frames = “entire_path/filename.####.jpg”

Following the sample provided at:
http://developer.shotgunsoftware.com/python-api/cookbook/examples/basic_create_version_link_shot.html#create-the-version

Thanks!

This should be working. Do you mean that RV plays only one frame?
Not sure about uploading a video to sg_path_to_frames, never tried it.

Yes, for sg_path_to_frames, I set an image sequence. In RV, it shows a single frame.