Sorry to revive an old thread, but I have new information! Strangely, if I encode to H.264 (using x264) in Handbrake, it uses all 8 of my cores quite effectively with nearly 800% CPU usage, limited only by other apps using the rest of the cycles. Wow, it rips through that encoding job. If I encode to MPEG-2 or MPEG-4 (using FFmpeg), it uses only around 225% CPU, obviously not splitting up the task very well. What's going on?
Huh, interesting. Maybe that FFmpeg is only set up to be able to use 2 CPUs?