Avidemux
Very good
Full user review
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"Can't stress how important this program really is"
Pros
Gives you a much needed, near-VirtualDub functionality on OS X.
Cons
The interface is a straight copy of the Linux version so it looks very awkward.
Summary
If you haven't heard of or used VirtualDub or AVIsynth before, STAY THE **** OFF this program. This is not MSPaint, a stupid program whereby you can pick up simply by waving the mouse. The internet is replete with stripped down, idiot-proof video "converters" for your precious iPods. All you have to do is search.
OS X Lion users, follow this instruction to get AVIdemux working.
http://www.avidemux.org/smf/index.php?topic=9420.msg52225#msg52225