Nick Swardh has released a new version of his PSP Video Encoder software:

For one, there's a new subtitle option in town to keep the layout and all colors in style .SSA/ .ASS subtitles intact. And then a preview feature has been added as well, for you to check first the changes you've made before finally converting the video.

If you want to be really hawk-eyed about it, then you can also preview the video during the conversion. There's a "Preview" checkbox by the "Trim" option, through which PSPVC will show the current converted frame. Pause option has been added to the "Process Priority" list now, too, so no need to worry about pausing PSPVC even in the middle of a conversion.

The rest of the changelog are:
Added a "preview" option that displays the current converted videoframe
All settings (Framerate, Resolution, Image Tweaks and Subtitles) can be previewed when using the "Trim" options for instant view of changes in the setup
Added a "Pause Conversion" option to the process priority list
Added a VobSub filter for subtitles (now activated by default)
Added option to show/hide all video settings (now hidden by default)
Easier to select a preset
Improved "Tweak Image" options
Improved extraction of embedded subtitles
Added new presets
Misc improvements
Minor changes in the GUI layout

Download Here --> http://pspvc.nswardh.com/