According to the folks over at iPhone-Scene, Elgato, makers of Mac based TV tuners and the EyeTV PVR software, has announced the turbo.264 USB H.264 hardware encoder. When plugged into a Mac, this device will allow any application that uses QuickTime to export H.264 video two to four times faster than before. Of course, H.264 is the video codec favored by Apple for the iPod, the Apple TV, the forthcoming iPhone, as well as Sony's PSP and other video playing devices.
Apparently, Elgato "hopes to release the stick at the end of April 2007 for 99 Euros" (~$132). Unfortunately, there is no mention of this product yet on Elgato's main site, but a few more detail are available at iPhone-Scene.