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I've been getting along with VisualHub (defunct) for a while now, but recently I've needed an expanded set of Codec's, in particular Theora and VP8.1

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for encoding or decoding or both? – Robert S Ciaccio Oct 11 '10 at 22:54
@calavera: Both. – Josh K Oct 11 '10 at 22:58

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FFmpeg might be what you're looking for. It is free and supports Theora and VP8.

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Can you get FFmpeg to build natively on 10.6.2? Mine hangs on configure. – Josh K Oct 11 '10 at 22:58
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@Josh K: You may want to try using MacPorts or a different package manager instead to get a working copy. – Chealion Oct 11 '10 at 23:15
@Chealion: I try to stay away from those as much as possible, but it looks like it only has 0.5.1 available as a package anyways. – Josh K Oct 11 '10 at 23:16
MacPorts currently has FFmpeg 0.6 available. – sentinel Oct 11 '10 at 23:19
@Josh K: Fair enough. Most of the less expensive "converters" are just GUIs to FFMPEG and related utilities. – Chealion Oct 11 '10 at 23:24
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A couple free programs:

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