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You can use MPEG Streamclip to: open most movie formats including MPEG files or transport streams; play them at full screen; edit them with Cut, Copy, Paste, and Trim; set In/Out points and convert them into muxed or demuxed files, or export them to QuickTime, AVI, DV and MPEG-4 files with more than professional quality, so you can easily import them in Final Cut Pro, DVD Studio Pro, Toast 6, 7, 8, and use them with many other applications or devices.
MPEG Streamclip is a powerful high-quality video converter, player, editor for MPEG, QuickTime, transport streams, iPod. And now it is a DivX editor and encoding machine, and even a stream and YouTube downloader.
Supported input formats: MPEG, VOB, PS, M2P, MOD, VRO, DAT, MOV, DV, AVI, MP4, TS, M2T, MMV, REC, VID, AUD, AVR, VDR, PVR, TP0, TOD, M2V, M1V, MPV, AIFF, M1A, MP2, MPA, AC3, ...