Yes - actually from a pure technical standpoint, the libraries and tools used for video encoding are great - it is more about interface and allowing control without expecting the user to know what each underlying setting does.

Three are tools that do this for consumers, and are very limited (as they should be) but there's not really a good one for filmmakers/animators yet. Handbrake is quite good, but it is strange that it only does h264 output... am I wrong about that?