I’ve used DVDFab to rip/copy/shrink several DVDs to 700-MB Xvid files, and it seems to work pretty well.
I also have a collection of “loose” MPEG2 files from my JVC Everio camcorder, average size about 4 GB, that I’d like to convert to Xvid for reduced-space archiving.
I can’t seem to find a way to designate an mpg file for conversion - DVDFab insists on having an actual DVD or a DVD image as the input. If I have to first create a DVD from my input file before converting, it’s not worth the trouble and I’d be better off finding another software. But it seems the capability is here if I can just get DVDFab to accept a single mpg file as the input source.