All you have to do is go to the site and enter the youtube link or whatever link that will result in an FLV file (if you downloaded it with Download Helper or Video Downloader etc) and BAM its converts the video into the file type of your choosing!!
Only litle problem is it limits your bandwidth per hour so don’t get all bandwidth hogg, it won’t work (Unless you switch your ip etc etc so they can’t tell who you are again, a la rapishare).
ALSO, the code for the converting engine is now open source!!! It’s written in C, labeled as a Codec.
Here’s the link: http://sourceforge.net/projects/vixynet/
Pretty sweet huh?
tip – Google will let you download videos so don’t bother with that one ;P