Quick time

It's the same engine as compressor, so (at least for NTSC) it gives you very good quality. The problem with exporting QT conversion is, that it makes FCP unusable though, so I prefer exporting a self contained Quicktime Movie with sequence settings from FCP and take that into QT Pro or Compressor (which has more settings for mpg2 btw) and export from there. Encoding will be faster and you can still use FCP while it encodes.
 
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