Right for anyone interested Ive had a play last with some encode settings.
I firstly used Cyberlink Media Espresso (cost £30 ish..) and converted an episode of Red Dwarf..
Input size was 356mb - Espresso outputted it as 369mb..!!!
Quality was very very good when on the phone I must admit but the file was just too big for me as Ive only got a 16gb card.
So using SUPER (cost £0) I set the output as .mp4 encoded with .h264 codec.
Video bitrate was set to 480kbps.
Audio output was AAC codec, bitrate 64kbps.
Outputted file size was around 110mb. Quality is visibly different from the Cyberlink encode, but is still very good and each episode took around 20mins compared to 6mins on the Cyberlink software.
I think the difference in times is the Cyberlink software maxed out all four cores on my CPU and SUPER only used around 50%.