I tried pspvideo9 before as well. It worked well, but it seemed to take a long time to convert IIRC.
Bascially I work with smaller files though. The only things I have converted are some music videos, a public domain episode of the Three Stooges, and the JLU episode Grudge Match that I ripped from my on DVD. I can't remember what program I used for the JLU ep, but I could tell there was some slight ghosting. I prefer music videos just because they are short and fast to work with.