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In their own words
This service allows you convert a Flash Video / FLV file (YouTube's videos,etc) to MPEG4 (AVI/MOV/MP4/MP3/3GP) file online. It is using a compressed domain transcoder technology. It converts FLV to MPEG4 faster and less lossy than a typical transcoder.
When you submit an url, it will download and convert to the video format. Then you can download the converted file.
Why it might be a killer
With such a mass of videos circulating around YouTube, MySpaceTV and Google Video, there are many videos that are easy to find on these sites, but nearly impossible to find at a video store, or in any format that you can find or purchase. With this service all of those videos become easily accesible.
Some questions
Since this site is only running on donations, it is extremely unlikely that it will ever be a money maker; and even if they did try to charge for the service, they wouldn't be able to because so many other companies are offering the service for free.
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