What i found confusing at first was the Estimate "more than xx minutes remaining" I can understand how this makes sense from an engineering and usability standpoint.
- It is easier to define a meaningfull lower bound than a meaningfull upper bound in video coding
- It is good to know that you shouldn't expect results any time soon

But in my opinion it doesn't really make sense for the normal End User
- The User wants to know when he can put the video on to the tablet and go away.
- The estimate isn't necessarily true, the time estimates can vary.
I would change that to either "approximately xx minutes remaining" or "calculating remaining time" until you have a better prediction (For me that was after about 5%)

I liked the clean interface, but i missed some "Power User" functionality. For example setting the audio and video quality independantly.
A short dropdown menu to select the encoding quality might also be handy.

But those are just some minor concerns. As far as conversion Programs go it seems pretty good.

Bye,
NsN