iMacsoft Video Converter is a multi-format video converter. It is a commercial app that allows you to convert your video files into a variety of different formats. The supported formats are: AVI, MPEG-4, MPEG-2 TS, WMV, DivX, H.264/MPEG-4 AVC, VOB, MOV, XviD, FLV, SWF, ASF, RMVB, RM, and MKV. The application doesn't seem to be able to convert videos with more than 2 audio channels.
iMacsoft Video Converter has great format support and it also comes with tons of different conversion profiles for devices like iPods, iPads, iPhones, mobile playback devices, etc. It has a single video editing feature: video trimming. With it, you can specify a fragment of the video that you want to use for conversion.
In my testing, I opened a 720p, 5.1 channels MKV file and converted it into an iPad H.264 file. I knew 5.1 files weren't supported, but as I suspected the file converted well, although the final file only had 2 audio channels. The quality of the video was very similar to that of the MKV file and the process didn't take too long. I would say this is on par with other solutions in terms of speed. Price-wise, you are paying for what you are getting: a good converter with good format support and trimming support.