WebGuide 4.1 has been made free, and that can do some transcoding. I'll look into that and report back. If it can do MPEG2, is there anything that can literally watch a folder for MPEG2 content, convert it into MPEG4, and inject it into iTunes?
If no, is there any way to inject content into iTunes, short of using the mouse, so that if I can somehow get content into compliant MPEG4 format, iTunes can then automatically make it available to AppleTV?
Sorry for all the questions, but as you can see my MCE2005 setup is ... nice, to say the least, and I've got lots of content, and I'd love to make it available to the AppleTV.