UPDATE: The developer now charges $15 for this application, as an update has been released. Sigh.
ffmpegX is a less-polished version of video converters like iSquint. It uses the power of Unix (which comes in every Mac) to convert videos to other formats. The settings are highly customizable and it works really fast. Great app for quick conversion.
Rating: 4.5/5. Fast and quick, but you may need to install some other tools first.
Developer site: Homepage.Mac.com/Major4/Download.html
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