IBM & BI (Broadcast International) are planning to introduce a new encoding system - named CodecSys - that will allow video providers to stream HD video at a very low bitstream of 3Mbps.

CodecSys makes HD at a low bitrate possible (http://www.hdtvinfo.eu/news/hdtv-broadcasting/codecsys-makes-hd-at-a-low-bitrate-possible.html)

Encode with your PS3:
The spec sheet looks very good.
http://us.fixstars.com/products/codecsys/
http://us.fixstars.com/products/codecsys/CE10_USletter.pdf (full HD 1.2x real time)
Still no price though, the word 'Professional' probably doesn't mean that it will be cheap.