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Actually, iSquint is the light & free version of a much heavier-weight parent app called Visual Hub...and does exactly what you want.
iSquint is so reliable that I'm probably going to buy it.
No, it's a collection of 20 unix tools all rolled up in one nice GUI. They don't include the mpeg2 encoder for legal reasons, but they point you to the names of a few free projects that will provide you one (and the application works with them).