Handbrake 1.0 - The open source video transcoder 13 years in the making

Been using handbrake for about 5 years. Excellent compression tool for large videos.

wonderful ease of use, always gets the job done and the default profiles available are aimed for iphone, android and apple tv!

Pros:

easy to use

Cons:

none, seriously, none

I use this all the time, the best for optimizing videos!