AVCWare Video Converter Ultimate is a very complete conversion tool. I would define this app as a general-purpose video converter: a tool that lets you convert video files to a variety of other formats. There is another general-purpose converter offered by AVCWare, called Video Converter Standard. That version and the Ultimate version are nearly identical, with the exception of a few features. The Ultimate version comes with conversion profiles that support high definition resolutions, like 720p and 1080p. This app also comes with a video editor that lets you trim and crop your videos, add watermarks and adjust some properties like brightness, contrast and saturation. The last addition is support for 3D conversion. This feature allows you to convert regular videos to 3D videos. If your computer or TV is capable of playing 3D content, then this is a nice feature to have. I don't have the necessary equipment, so I can't say if this feature works well or not.
In my testing of this converter, I loaded an MKV file and I used the video trimmer to cut it to a 1-minute clip. Then I selected an H.264 HD conversion profile and started the process. It took over 40 seconds to convert the video, which isn't bad, but I didn't see any speed gains over the Standard version. The converted file looks very good and it played without problems in iTunes and my iPad 2.