Bit of a shameless plug, but we wrote our own EC2 + ffmpeg encoder, since we didn't want to pay out the ears for encoding:<p><a href="http://media-nommer.readthedocs.org/" rel="nofollow">http://media-nommer.readthedocs.org/</a><p>Open source (BSD), beta'ish, but very much functional. Save some money! Pull requests are welcome and greatly appreciated, as is feedback on the docs.