I've been trying to edit my DTV captures that feature AC3 audio.
MPEG WIZARD appeared to do it for some of my captures, except when I tried to view the result with a different application. NOTHING in WMP or ATI Multi. Invalid format for Power DVD. AVICODEC showed it using Roxio MPEG2 for the video. Got rid of that codec from my machine. Had similar results, except AVICDEC showed nothing listed in video codecs.

I would sure like to use my expensive toys, but these issues are quite annoying.