iSquint is an iPod video conversion app that's up to 5 times faster than Apple's tools.
The application simplifies the conversion process. To use, select preferred screen size and rip.
On a 1.5GHz G4, iSquint can convert most video files to iPod-screen-sized videos in realtime. Depending on a few factors, a 20 minute video will take up anywhere from 50-150MB of disk space.