Pretty cool sounding app I am going to have to give a go sometime.
Easily Convert Movies to iPhone or iPod MP4 Format
"We talked about being able to do this using the SUPER video converter, but a lot of you are probably just wanting to go from AVI to MP4. If that’s the case the iPodME program is just what you need."
and
"And in case you’re wondering about performance it took me around 35 minutes to convert a 2-hour (700MB) AVI movie on my Pentium-D machine. That’s pretty darn good!"
On the program homepage someone left a comment saying:
"absolutely fantastic.. converting dexter ep1×01 from a HD 700mb rip to mp4-utilises 3 cores off my intel quad. took about 9mins to re-encode and finished with a 174mb file."