Handbrake:
H.264 encoding .mp4 format, average 750kbps bit rate, 80kbps AAC audio. 320x240 resolution.
It takes about 1 hour 15 minutes to encode a TV episode from DVD to the above format (which I seriously hope is supported by the 5G iPod - it should, all the settings are right and they play in iTunes) on my 1.2GHz iBook. Not too bad, I just wish I could set up Handbrake to rip each individual episode without having to come back and do it one at a time - that way i could set it up to encode while I'm asleep.
C'Mon Christmas......