Not sure if Instant Handbrake is a Universal binary yet, but it's really nice with all the settings you need for iPod ripping.
There's also a nifty tool called [link|http://www.isquint.org/|iSquint] that let's you convert all
sorts of video formats (including FLV) to iPod video format. It's faster than Quicktime, too.
I hadn't heard of Lostify, but I'll check it out.
I watch my videos while I'm working on my laptop (gives my right brain something to do while the left one gets on with business) or when I'm in a waiting room. (I've got a lot of short videos, music and otherwise, for those spare moments.)
There are also some nice short films on ITMS. I find myself watching less and less real-time TV these days.