Videora iPod touch Converter
Full user review
"Very slow, more than five hours to convert one movie"
It works, but ties up my computer forever. At least it's free.
It took more than five hours to convert my first movie. Probably won't try again, because I don't have that kind of time. It also uses all your system resources during that time.
It's the only one around that works AND is free. However, it may be worth paying for a speedier product unless you have a dedicated computer for converting videos.