Christian Schaller of Red Hat announced the Transmageddon 1.2 release today while Americans are celebrating Independence Day. The 1.2 release fixes up a number of critical bug-fixes, thus its "All Bugs Must Die" codename. This release goes as far as fixing every reported Transmageddon bug.
Besides bug-fixing, an exciting update for this open-source video transcoder is that it now supports VA-API GPU encoding for H.264 and MPEG-2 when you have the GStreamer VA-API plug-ins installed and assuming you're using hardware that offers Video Acceleration API support for encoding. Transmageddon 1.2 also restores the "Xvid" codec.
Being planned for the future of Transmageddon is batch transcoding, an advanced settings panel, profile generation, and a redo of the GTK UI.
More details on Transmageddon 1.2 can be found via Christian's blog.