INTRODUCTION:
Before I really start, I want to point out that there are simple mobile apps out there that will help you do time-lapse videos with your mobile phone and encode it all on the fly! So if you just want to do time-lapse videos as simple as possible, for fun and you don't intend to sell your work, then stick to those apps, they are OK. Otherwise if you are curious or really want to learn how to do it and sell them then read on...
Some patience will be required, depending on the amount of quality you are trying to achieve. I do time-lapses in a more semi-pro level which I sell in stock media sites such as pond5.com or for direct clients who need to re-edit the encoded video to have it assembled with other video formats and the final encoded video must have certain quality specs. Also, I am able to edit the individual shots this way such as levels, exposures, colors and some effects at some point of the process.