I used Drupal 7.14, Video Module 7.x-2.5, VideoJS 7.x-2.0 HTML5 player, and ffmpeg 0.7.2 to transcode a 200mb mp4 video into Ogg, Flv, MP4 formats. The process worked, but took over 1 hour. Using the command line, I can file transfer and transcode same file in under 15 minutes.
Ideally, once I click save on any Drupal form, a child process should spawn and work on the side, as I go about doing other things, without my admin interface locking up to process one thing (synchronous coding). Thanks for your time,