Ok thank you all for reporting the encoding issue, but we are aware of it.
We have a dedicated server just for conversion of videos right now, however it seems like thats not enough, we have increased the conversion slots from 4 to 10 which should speed things up a bit, but most probably we will be adding a new conversion server soon.
NOTE : right now most of the videos have been converted, but there are a few still in the conversion queue.