Kwaad's right on this one, x/h264 is VERY processor/video intensive, the Wii would probably have an extremely hard time playing back a video in this format, and encoding in it would be impossible. It may be able to do other formats, however.....
It sure looks good for size tho!
Anime looks flawless at 330kbit. I'm currently encoding Kingdom of Heaven right now. I'll post back how it looks at 336kbit video, and 192kbit audio. (I understand that is higher than my internet connection would allow, but crap. It's only 1 video. I wanna put 10-20 of them on the PS3... :P
EDIT: I just wanna say real quick that my old P4 2.8Ghz processor choked on Any video size bigger than 1280x1024 Useing MPEG4 style compression. That's not encodeing it wich takes about 5x more power than decodeing it.
I am looking at 3-4 hours to encode Kingdom of Heaven to h.264. Now that is only useing 1core on my C2D. (my program sucks in some ways, but it's free and can convert anything to anything)