Andrew67 - If you have a G4 mini - you probably don't want HD - I don't believe it will playback at the right framerate. In my crazy rant below - you may just want 720x405 size settings for letterboxed material - and 720x540 for 4:3 material.
Below is my current workflow for creating 720p H.264 w/ 5.1 AAC files. 42 Minutes ( 1 hour of HDTV television ) is around 1 GB for 1080i @ 30 fps ( down-rez'ed to 720p)// 1.3 GB's for 720p @ 59.94 fps
There is 2 versions - Simple and Complex. Simple is stereo audio - Complex is the 5.1 AAC. Both will create a .mov. This is a work in progress for me -

Wanted to post and exchange info. Looked like a good thread to start on.
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- Download and install x264 encoder ( faster h.264 encodings - nice quality at 1-pass - Could try 2 pass if not good enough for you)
http://www.macupdate.com/info.php/id/20273
You can choose this encoder from quicktime - make a quicktime mov and choose x264.
SIMPLE - Stereo Audio
1.) Edit then export from EyeTV - Create QUICKTIME movie -
2.) Click options
3.) Under Video - SETTINGS - Select x264 \\ 1-pass \\ Frame rate = Current \\ if source is 1080i Restrict bitrate = 3000kbps - if 720p = 1800kbps \\
4.) Under SIZE - 720p setting ( 1280x720 ) - I pick this because my display is 720p
5.) Under Sound - AAC stereo 128
COMPLEX - but retains 5.1 surround.
( tough call on what to do here - but I am sticking with 5.1 AAC for now )
-Download and install A52 codec for Quicktime ( reads AC3 streams in quicktime ) Note: DOESN'T PASS the AC3 stream OUT of quicktime. That is something Apple has to do to the OS.
http://trac.cod3r.com/a52codec/
-Download and install MPEG streamclip -
http://www.squared5.com/svideo/mpeg-streamclip-mac.html
You also need to have Quicktime PRO -
- Export from EyeTV - "MPEG PROGRAM STREAM" - Then edit the file with MPEG Streamclip. Better at getting the edits correct, and editing the AC3 audio. Re-save the new edited file.
VIDEO ONLY FIRST -
After editing - export from streamclip - Quicktime movie - x264 / restrict bitrate kbps ( See below ) / 720p VIDEO ONLY - NO SOUND // NOTE - never change the frame rate.
Source material =1080i MPEG2 Stream@30 fps - restrict bitrate = 3000 kbps
Source material = 720p MPEG2 Stream@59.94 - restrict bitrate = 1800 kbps
Create a 5.1 AAC into the quicktime file.
- Demux AC3 stream from file ( Using Streamclip )
- Open the AC3 stream into Quicktime - Export Quicktime .mov file - 5.1 AAC file -
- Open exported x264 .mov video file - Open AAC .mov file - BOTH IN QUICKTIME
- Select all in the AAC file and COPY it.
- Go the x264 video file in Quicktime, make sure the playhead is at the beginning of the file and do a "add to movie". MAKE SURE you do a "Save As" - file - DONE!