NuEnc 0.01b

Explanation of Options (if not already obvious :)
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MPEG-1 - Select MPEG1 encoding
MPEG-2 - Select MPEG2 encoding
CBR - Select Constant Bitrate Encoding
VBR - Select Variable Bitrate Encoding
CQ - Constant Quality (average Quantiser) encoding mode
Quality - Value between 0-100, 0=worst quality, 100=best quality
Passes - Select the number of passes you want to do
Keep All - Allows you to keep all the passes (except first pass).
Use Trellis Quantisation - Improves quality (at slight cost of speed)
Turbo - Do a fast first pass at the cost of slightly inaccurate stats
GOP Size - Self explanatory :) (max 50)
Max B-Frames - The maximum number of consecutive b-frames allowed
Interlaced Encoding - Enable options to optimise encoding of interlaced material
DC Precision - The number of bits of precision (8=Good for any encode, no need to increase this)
Forced Closed GOP - Use a closed GOP (doesn't work with scene detection or dynamic b-frames yet)
Dynamic B-Frames - Allow encoder to chose when to use b-frames (like in Xvid/DivX). Might be better to turn off for low bitrate encode.
Max Bitrate - Self explanatory
Buffer Size - Chose a buffer size (DVD=224KB,SVCD=112KB???,VCD=40KB) 
Apect Ratio - Self explanatory
RC Variability - 1 = Constant Quality, 0 = Constant Bitrate. 0.5 is default (Use 1 for high bitrates).
Noise Reduction - may help very low bitrate encoding (VCD)
MB Decision - Alters how the encoder selects a MC MB. Least Bits=high quality (fast), RD=very high quality (slow).
Compare Function - SAD=good(fast), SATD=best(slow)
Search size - Adaptive is faster, Diamond is a little better. Larger value corresponds to larger search size.

Happy Encoding!