Hi there!
The player itself comes with conversion software, pre-setup for the Meizu (it resizes, adjusts framerate, and turns the picture 90degs to suit the screen). It also installs the k-lite codec pack so it can convert from just about any type of movie, although I use CCCP already, so cancelled that part.
All you need to do when the software arrives is install, then go into the options and change the framerate from 18fps to 20fps as the newer firmwares have improved video playback, and perhaps adjust the bitrate if you want slightly higher quality video at the cost of slightly larger file sizes. (default video bitrate is 384kbps, but upto 500 is accepted by the software, and I'd guess the player itself)
The software is pretty fast too, its only single core enabled but still converts at about the rate of 30 mins a 2hr movie on my machine.
As the software that comes with it handles everything fairly easily, and doesnt need much in the way of tweaking or adjusting, I'd just say wait until your machine arrives then use the included software. You can leave the machine charging whilst you convert your first videos
