Does what it says. Takes your video and about as fast as it can lightning slams it down into an .AVI at a terrible overhead. Nearly 5,200kbps for a 352x240 at 30fps.
Most DVDs save raw 720x480 30fps video at 4,800kbps so the compression of FC is lower than a DVD.
But if you are encoding from a DVD or some other volatile source like a live video, it's nice to have that final 2gb .AVI source to work with and there are no keyframes so every single frame is as clear and clean as it can get like the source forwards and backwards in VirtualDUB.
It's free too. No nasty tags appear anywhere on your video and the user interface is minimally minimalistic.
Visually Lossless or Absolutely Lossless.
Not much more than that.
I use visually lossless and obviously the end result video is DVD quality no matter how high the action gets.
Not really for archiving videos because of the tremendous overhead so you should stick with your DivX and XviDs for that stuff but very good if you want to get "hands on" the source video to compare compression algorithms from a FC .avi source.