Handbrake is Open Source, and AWESOME! And, a new version, that is even MORE awesome is out!
Built-in Device Presets
Get started with HandBrake in seconds by choosing a profile optimised for your device, or choose a universal profile for standard or high quality conversions. Simple, easy, fast. For those that want more choice, tweak many basic and advanced options to improve your encodes.
Supported Input Sources:
Handbrake can process most common multimedia files and any DVD or BluRay sources that do not contain any kind of copy protection.
File Containers: .MP4(.M4V) and .MKV
Video Encoders: H.264(x264), MPEG-4 and MPEG-2 (libav), and Theora(libtheora)
Audio Encoders: AAC, CoreAudio AAC/HE-AAC (OS X Only), MP3, Flac, AC3, or Vorbis
Audio Pass-thru: AC-3, DTS, DTS-HD, AAC and MP3 tracks
Even more features
Title / Chapter selection
Queue up multiple encodes
Subtitles (VobSub, Closed Captions CEA-608, SSA, SRT)
Constant Quality or Average Bitrate Video Encoding
Support for VFR, CFR and VFR
Video Filters: Deinterlacing, Decomb, Detelecine, Deblock, Grayscale, Cropping and scaling
Live Video Preview
All of HandBrake’s source code is covered by the GNU General Public License, version 2. A copy of which is included with every release in the COPYING file.