Despite the poor name, Hey!Watch has become a quite indispensable way to encode video.

You use it by encoding video you want, and then get to download it. You want to encode that YouTube clip and have it formatted for you 5G Video iPod? Just give Hey!Watch the link to the video, it converts it and then lets you know - without having to refresh a page - when it's ready to be downloaded and watched. You want to convert video you already have downloaded? Just upload it and choose the finished format, and you're set. The difference between a free and a paid plan (5USD/month) are a few little things but not worth to mention, I think. Still, if you're a hefty converter, go for paid.

Simple as that. So get going! You could start with this clip off "Extras", where David Bowie assassinates Ricky Gervais' character.

More info about the service is found here, and on their FAQ-page.