Compressor is great. Basically you can do everything except anything FLV. Apple and Adobe don't get on so FLV isn't supported. After that it's simples. You put in the video you want, select the versions (all totally flexible to your own spec), click a button and away it goes. Takes far longer than 15 mins though depending in the number and type of versions.
In theory it's a plugin for Final Cut Pro but I, like many others, produce a very high spec MOV file in FCP as a master, then produce all the site versions from the master in Compressor as a stand alone app.
I did try several other converters that were Mac compatible but was never overly happy with the consistency of quality etc they produced. I use Adobe Media Converter for my FLV versions at the moment but I am progressing to not use FLV at all in the near future. MP4 streaming versions work on every mobile platform including IPad, IPhone etc.
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