The need to compress video continues to grow.However so does the number of programs that help you do this… but why pay. Open source is your friend.
Instructions for the future, as there is a problem right now : Follow this blog to see about updates and progress.
http://forums.macrumors.com/showthread.php?t=584869&page=3
If you own a mac and have xcode installed. Go here: http://transcoderredux.svn.sourceforge.net/viewvc/ then click film redux, scroll to the bottom, download the tar ball.
After that extract the contents. Navigate to /transcoderreduc/FilmRedux/FilmReduc.xcoderproj
Double click it, let XCode start. Then click build and Go.
You will then find the program @ ( /transcoderreduc/FilmRedux/build/Release/filmredux) which you can then move to your applications directory.