I’m probably pushing it even calling this thing a Beta, but as google says — Release Early, Release Often.

You can get the installer from here.

Not much to this early release, but you can achieve the basics.  Browse your hierarchy for a MKV (Matroska) file, choose its Subtitle and Audio language, and hit Go to have it converted to something that the iPhone will play.

I”ll keep adding features, Divx -> iPhone or Xvid -> iPhone probably being next.

UPDATE: I fixed a few bugs in the release version, and updated the installer.  I also threw in the capability to delete and reorder rows (right click the grid), as well as input capabilities of MP4 and AVI files.