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Fuel Collective has released Permute (http://fuelcollective.com/permute), an US$14.95 media conversion tool for Mac OS X 10.6.x ("Snow Leopard").
It offers drag and drop video conversion with presets for devices such as the iPhone, Apple TV and XBox. You can also modify the existing presets. Permute is 64-bit and can convert .dvdmedia and VIDEO_TS folders to ISO files for better media center support.