Winnydows has recently released a new version of his Video Encoder for PSP:

List of new features:
Updated components: x264, ffmpeg, tsMuxeR.
Fixed installation errors on Windows Vista with UAC on.
Fixed errors with audio tracks.
Small fixes.
Interface and overall programm must work a little bit faster.
Changed PayPal account.
If encode to BluRay with target size, must be more correct output size now.

XviD4PSP 5.035 full public version