I'm interested in optimizing the conversion of H.264 content to MPEG-4 (Layer 2) for compatibility with Elgato's EyeHome, as described in the
H.264 to EyeHome-compatible format? thread on their forum. I'm also converting corresponding AAC audio tracks to MP3 (not mentioned in that thread).

I can already do this using QuickTime Pro or MPEG Streamclip so first I'm looking for ways to improve on that. I'd also consider switching to some other method (with EyeHome-compatible formats) if encoding time was significantly reduced (for the same or better quality) or the quality significantly improved (at the same or faster encoding speed). Definitely has to be done on OS X, and preferably without purchasing additional software unless it's relatively inexpensive and would make an obvious difference.

Thanks for any recommendations!