I read the following guide: http://doom9.org/mpg/dvdshrink2-main.htm
I can't find any info on how fast DVD Shrink "shrinks" the MPG2 stream depending on the compression lever (DVD Shrink 2).
Also, what about the quality. How much quality does it look at different compession settings?
Ain't nothing like testing it yourself, I always say.
On average, it takes between 15 to 30 minutes, depending on compression lvl and amount of video you're compressing. As for quality, I would stay around 30% and above.