1. A video feed processing system comprising: interface circuits to receive one or more video feeds originating from a scene; and processing circuitry functionally associated with digital memory storing machine executable code configured to cause said processing circuitry to perform context specific feature extraction from the one or more video feeds, wherein context specific feature extraction includes: (a) extracting a first set of scene related static features from a first set of video frames of the one or more video feeds to estimate a context of the scene; (b) estimating a context of the scene by comparing identifiers of extracted static feature against scene context reference data; and (c) based on the estimated context, adjusting dynamic feature extraction algorithms or parameters of dynamic feature extraction algorithms applied to the first set of frames or to a second set of video frames from the one or more video feeds, wherein processing of the same video frames results in different of extracted dynamic feature characterizations when different dynamic feature extraction algorithms or algorithm parameters are applied.