I'm one of the folks behind Zencoder. It's been a side project up until now, but we're about to take it full-time this fall, complete with a new version. Ping me if you have any questions - see my profile for info - or I'll post Zencoder announcements at http://railspikes.com.
There is a lot of need for lightweight video transcoding infrastructure right now, so I'm glad to see another solution on the market.
but I prefer pandastream, seems a more viable solution imo