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QuickTime HD Transcoder: ClipWrap
Rewraps - doesn't transcode
ClipWrap rewraps the video samples from your existing m2t files without re-encoding them. This means blazingly fast convert speeds and no image degradation.
Automatic format detection
ClipWrap speaks m2t so you don't have to. It automatically parses the file's format and chooses the proper output format, so there's no hassle trying to determine the proper settings (frame rate, image size, gamma levels, etc).