Converting mkv to file for streaming to 360

[Ol!ver]

I'm new to the world of mac, and in Vista I used to use Windows Media Encoder to encode stuff to WMV for streaming. What software/file type does everyone use for the job on the mac?

Cheers

 

[Blubbert]

VisualHub is great for converting video , but it does cost money.

 

[Ol!ver]

VisualHub is great for converting video , but it does cost money.

It doesn't keep the 5.1 sound though does it?