I like PSPVideo9...I agree with Jsh and IONz. I also have pspmedia manager and never use it. Once you get the right settings for PSPVideo 9, you just chose which file you want to transcode and wait for about 3-4 hours and there it is

It also has an option where after its done transcoding, it turn your computer off automatically. This is very helpful when you are doing conversion at night. Im converting King Kong right now as we speak
