This doesn't sound like a cloud utility to me at all. Cloud computing is on-demand, and allows other users to share resources when they are not being used by you.
1 dedicated encoder = $99 / mo.
"Unlike other video encoding services, Panda doesn't charge you per video encoded. Your dedicated encoders can be used to their full potential encoding many thousands of videos a day."
This sounds great if you have thousands of videos to process a day. What if I have only a few (like most small sites do initially), but they exceed the 10 MB upload limit on the free plan?
$99/mo is a high barrier to entry for most bootstrapping startups.