I was trying to convert some MPEG-2 recorded off a satelite (Dave Chapelle to be exact) to something so I could edit out the adverts in iMovie. I started with this program and liked the results but decided to try out a few of the others. Man was that a mistake. I should have stuck with this. Basically, it does what it says on the tin.
I did have to split the input file (3GB!) in windows (YUK) first. I also had some crashes whenever I'd try to de-interlace the output but I soon figured that out.

Anyway, don't go anywhere else (at the moment), this seems to be the best of the bunch. Since it's free, it gets 5 stars from me (even with the crashes).