I've been evaluating just about all of the transcription software for the Mac, and InqScribe definitely comes out on top for me. My requirements were:

- Transcribe video and audio easily
- Work with various formats and codecs
- Timecode support
- Work with my USB foot pedal (Infinity/ ECS IN-USB-1, a very popular model)

The free Espress Scribe works with my foot pedal, but only works with audio files.

Transcriva has a decent interface, but doesn't work with my foot pedal. In fact, it only supports two models, each of which supply their own interface software.

Transcriptions, also free, and not updated in a long time, doesn't work with my pedal.

Annotation Transcriber says it supports foot pedals, but I couldn't figure out how, and couldn't get support from the company.

InqScribe is priced much higher than all of the above, but also offers some very cool features the others don't, like the ability to create subtitles for video, and integration with Final Cut Studio. I haven't tested these out yet, but as someone who works in post production, these would be very handy for me.

Lastly, I contacted the developer and asked whether the app was still in development since it hasn't been updated in a year. They responded within 24 hours, and said it is, and to expect a new release soon.