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You're right about it being CPU intensive! I was encoding on my P3-800 and I switched to my Athlon XP 2000+ and boy is it faster.
30min 75MB AVI Conversion:
P3-800: 35min total for conversion
Athlon XP 2000+: 11min total for conversion
As you can guess I ain't using the P3-800 for video encoding anymore.
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