I've been using the application since v3.0.2, about a month and a half, with excellent results for iPod Video, and lately, for the Epson P-2000 Multimedia Viewer. I just finished making four 2-hour feature length movies (2 hours each) for the iPod, and for the P-2000, using 42DVD-VX Plus and I couldn't be happier with the results from v.3.0.4.
I'm using MTR v3.0 r-12 to rip the movies into a Video_TS file first, to save time, then I let 42VX do its thing.
For iPod it's pretty self-explanatory: use MP4 format/MP4 audio/320 Resolution/Quality two clicks over from the left, toward Best Quality, generating a 2-Pass encoding sequence. About 3 hours later 42VX will finish the movie, and it's ready for import into iTunes. I always check the movie out in QuickTime Player Pro first, just to make sure it's good and the audio's synched, but that's about it.
For P-2000, things are a bit more complex, but with a fast Mac CPU and Tiger 10.4.5 42VX eventually does an excellent job of getting a prepped movie, ready to be finished with QT Pro.
Use these settings: Format MPEG4/Audio MP4/Resolution 640/Discs 1DVDR/Quality one click over from the left, generating a 1-pass encoding run.
For a 2-hour movie, 42VX will take about 5-6 hours to make a 640-pixel VGA movie on a G4 1.8GHz DP CPU with 1.5GB RAM, for example.
Then QTime Pro gives the movie a finish, because I've found that the P2000 is very, very picky about the kind of file it will play, and even with 42VX the sound will be out of synch unless you run the movie through QT Pro's Export feature: Export Movie to MPEG-4/Video Format "MPEG-4 Improved"/Data Rate 1000kbits/sec/Image Size 640 x480, 640x360, or 640x352/Frame Rate 30/ Key Frame Every 24 Frames--Then There's Audio to deal with:
Audio Format: AAC-LC (Music)/Data Rate 192kbps/Channels Stereo/Output Sample Rate 44.100khz/Encoding Quality Better
Voila! I flat guarantee that a movie done as above will play PERFECT in the P-2000 Multimedia Viewer.
It takes about 10-12 hours with a fast G4 CPU to do the job, but it's worth it IMO. The P-2000 screen is incredible, and at 3.8" and 212ppi/264K colors, it makes a Video iPod look like a toy.
Anyway, I give 42DVD-VX Plus 5 Stars for iPod, and 4 Stars for the P-2000. It's an excellent software package, and can do a lot more than I've written here including burn to disk, etc.