I am also curious about the how fast the AWS service will be. Zencoder is pretty fast. http://blog.zencoder.com/2011/10/18/zencoder-benchmarked-2x-...
* https://aws.amazon.com/solution-providers/isv/zencoder
* http://gigaom.com/2011/04/12/zencoder-raises-2m-for-cloud-ba...