As promised here is my analysis of Phredeaux's and Sparkie's MP4 (H.264/AAC) encodes;
Source Information
Complete name : .dvr-ms
Format : Windows Media
File size : 86.4 MiB
PlayTime : 5mn 5s
Bit rate mode : VBR
Bit rate : 2369 Kbps
Maximum bit rate : 160 Mbps
Video #0
Codec : MPEG-2 Video
Codec/Family : MPEG-V
Codec profile : Main@Main
Codec settings, Matrix : Standard
PlayTime : 5mn 5s
Bit rate mode : CBR
Bit rate : 2004 Kbps
Nominal bit rate : 15.0 Mbps
Width : 544 pixels
Height : 576 pixels
Display Aspect ratio : 16/9
Frame rate : 25.000 fps
Chroma : 4:2:0
Interlacement : Top Field First
Bits/(Pixel*Frame) : 0.256
Language : English
Audio #0
Codec : MPEG-1 Audio layer 2
PlayTime : 5mn 5s
Bit rate : 192 Kbps
Channel(s) : 2 channels
Sampling rate : 48.0 KHz
Resolution : 16 bits
Language : English
Sparkie Profile
Format : MPEG-4
Format/Info : ISO 14496-1 Base Media
Format/Family : MPEG-4
File size : 22.9 MiB
PlayTime : 5mn 5s
Bit rate : 629 Kbps
StreamSize/String : 173 KiB
Encoded date : UTC 1970-01-01 00:00:00
Tagged date : UTC 1970-01-01 00:00:00
Video #0
Codec : AVC
Codec/Family : AVC
Codec/Info : Advanced Video Codec
Codec profile : Baseline@L1.3
Codec settings, CABAC : No
Codec_Settings_RefFrames : 4
PlayTime : 5mn 5s
Bit rate mode : VBR
Bit rate : 497 Kbps
Width : 544 pixels
Height : 306 pixels
Display Aspect ratio : 16/9
Frame rate mode : CFR
Frame rate : 25.000 fps
Chroma : 4:2:0
Interlacement : Progressive
Bits/(Pixel*Frame) : 0.119
StreamSize/String : 18.1 MiB
Encoded date : UTC 1970-01-01 00:00:00
Tagged date : UTC 1970-01-01 00:00:00
Audio #0
Codec : AAC LC
Codec/Family : AAC
Codec/Info : AAC Low Complexity
PlayTime : 5mn 5s
Bit rate mode : VBR
Bit rate : 128 Kbps
Channel(s) : 2 channels
Channel positions : L R
Sampling rate : 48.0 KHz
Resolution : 16 bits
StreamSize/String : 4.67 MiB
Encoded date : UTC 1970-01-01 00:00:00
Tagged date : UTC 1970-01-01 00:00:00
Encode Time
6m 49sec
Phredeaux Profile
Format : MPEG-4
Format/Info : ISO 14496-1 Base Media
Format/Family : MPEG-4
File size : 22.8 MiB
PlayTime : 5mn 5s
Bit rate : 626 Kbps
StreamSize/String : 173 KiB
Encoded date : UTC 1970-01-01 00:00:00
Tagged date : UTC 1970-01-01 00:00:00
Video #0
Codec : AVC
Codec/Family : AVC
Codec/Info : Advanced Video Codec
Codec profile : Baseline@L3.0
Codec settings, CABAC : No
Codec_Settings_RefFrames : 6
PlayTime : 5mn 5s
Bit rate mode : VBR
Bit rate : 493 Kbps
Width : 544 pixels
Height : 304 pixels
Display Aspect ratio : 16/9
Frame rate mode : CFR
Frame rate : 25.000 fps
Chroma : 4:2:0
Interlacement : Progressive
Bits/(Pixel*Frame) : 0.119
StreamSize/String : 18.0 MiB
Encoded date : UTC 1970-01-01 00:00:00
Tagged date : UTC 1970-01-01 00:00:00
Audio #0
Codec : AAC LC
Codec/Family : AAC
Codec/Info : AAC Low Complexity
PlayTime : 5mn 5s
Bit rate mode : VBR
Bit rate : 128 Kbps
Channel(s) : 2 channels
Channel positions : L R
Sampling rate : 48.0 KHz
Resolution : 16 bits
StreamSize/String : 4.67 MiB
Encoded date : UTC 1970-01-01 00:00:00
Tagged date : UTC 1970-01-01 00:00:00
Encode Time
10m 28sec
Looking at the quality this is a difficult one to assess. At first look I think Sparkie's encode is the most pleasing to the eye, there are less artifacts visible and the image seems to be more stable. There was some minor jitter on the Phredeaux encode particularly on the transitions between scene changes. I have taken some screen shots to look in more detail and there is definately a difference. The Phredeaux encode contains a bit more detail on the slower moving scenes than Sparkie's encode but gains a lot of artifacts on the faster moving scenes and transitions.
Overall the "averaging" effect of Sparkie's encode gives it the edge as the artifacts on Phredeaux's I found distracting and although improved detail on slower scenes this was a subtle difference in comparison.
Hope this is of some use.