Is this a new limitation? Do I have to get the Pro version to encode higher than that?
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If the profile is set to Profile 1: Handheld, then yes, the max bitrate will be 128kbps. Set it one of the last two, or better yet, uncheck "Choose your profile" box. on the Profile tab.
This applies to the pro version (and the others if they also have a "Profiles" tab).
K
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