I am working on DirectShow support in Hypercube Transcoder.
All works very well now. 8) So I can tell you that hypercube 3 will
be as powerfull as graphedit.

You will be able to construct your graph dynamically using Popup menu
(not theses shitty box in graphedit), Connect / Disconnect every Filter Pin.
See all stream format on each Pins, Save and Load graph in .GRF format,
Use "Render File" function (like graphedit), and modify the graph.
DMO filters will be fully supported.
In the end of the filter chain, I will put my own filter to encode in Multichannel MPEG. This filter will be only a terminal filter only
used by hypercube transcoder.
I don't plan to port Hypercube Transcoder code in DirectX Filter for
instance.

For thoses who don't understant what I am saying, Hypercube 3
will support as Input:

decrypted VOB / AC3 / Dolby Prologic II and may be DTS.

BUT: don't expect any release in few days... For instance, My DirectShow
Graph Editor is not plugged into Hypercube Transcoder.