I've been trying to talk myself into buying Vegas Video since Adobe Premiere sucks ass. Actually I ordered it from Outpost.com and was told it was out of stock. I waited a 3 weeks but no word so I cancelled the order.
Anyway, reading through their support forums I saw a link to this software which supposed to kick ass as MPEG compression. Not only that but it's FREE and it supports way TOO MANY options. Download it before it stops being free.