Checkout Sorenson's Squeeze 5 or Squeeze 5 Pro:
http://www.sorensonmedia.com/
It uses all the cores of your Mac. It's fast.
John
MacPro 8-core 2.8GHz 8 GB RAM OS 10.5.5 QT7.5.5 Kona 3 Dual Cinema 23 ATI Radeon HD 3870
ATTO ExpressSAS R380 RAID Adapter, PDE Enclosure with 8-drive 6TB RAID 5
24" TV-Logic Monitor
Final Cut Studio 2 (up to date)
Pro Tools HD w SYNC IO, Yamaha DM1000, Millennia Media HV-3C, Neumann U87, Schoeps Mk41 mics, Genelec Monitors, PrimaLT ISDN