There's a Public Beta on Doom9 . Looks pretty good so far on the files I've tested with it. Just like the regular X264, it only transcodes video. To transcode audio, you'll need a different utility (ffmpeg, etc).
http://forum.doom9.org/showthread.php?t=151733
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"Quality is cool, but don't forget... Content is King!"
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"Transcoding is the direct digital-to-digital conversion of one encoding to another. This is usually done to incompatible or obsolete data in order to convert it into a more suitable format. When transcoding one lossy file to another, the process almost always introduces generation loss.
In true transcoding, the bitstream format of one file is changed from one to another without its undergoing another complete decoding and encoding process. This usually is possible if the source and target codecs are sufficiently similar. However, support for this process very much depends on the case." http://en.wikipedia.org/wiki/Transcode"Quality is cool, but don't forget... Content is King!"
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