A year to the day after the previous version was released, Handbrake has hit 0.9.4, and boy is it faaaaaaaaast:
There's an old proverb in the video encoding world: "Speed, size, quality: pick two." It means that you always have to make a trade-off between the time it takes to encode a video, the amount of compression used, and the picture quality. Well, this release of HandBrake refuses to compromise. It picks all three.
If you have video you want to get onto your iPhone, Handbrake is the way to go -- and it's free. New, streamlined presets still include Apple Universal, iPod, iPhone & iPod touch, and Apple TV (as well as others if you're rocking the Xbox, PS3, Zune, or whatever floats your video boat).