HandBrake is an open-source, GPL-licensed, multiplatform, multithreaded DVD to MPEG-4 converter, available for MacOS X, Linux and Windows. HandBrake 0.9.2 incorporates many major and exciting changes, including full support for the Apple TV 2.0 and the latest iPhone/iPod Touch firmware. Mac users take note: this release is only compatible with Mac OS X 10.5 Leopard.

Features include:
• Dolby Digital 5.1 (AC3) sound in MP4 files, for a true DVD experience on the AppleTV and in Perian.
• Multi-track audio support for Apple devices
• iPhone-compatible anamorphic video at its full size
• Variable frame rate encoding with detelecine filtering
• More flexible, “loose” anamorphic video
• MP4 optimization for progressive web downloads
• Dynamic range compression for encoding from AC3 audio
• Robust program and transport stream support
• A fresher, faster version of x264
• Tuning of FIFO sizes by processor count
• Better handling of audio discontinuities
• Better handling of DVD read errors
• Work-arounds for missing end-of-cell markers
• Recovery when streams have signal loss
• Better synced chapter markers
• Better handling of B-Frames
• No more cutting off the very ends of films
• No more lost subtitles or chapter markers
• No more crashes in 2-pass encoding

More info and download link here.

[Thanks to MacDailyNews Reader "The Dude" for the heads up.]