I am trying Vegas 5 and my 3.0Ghz PC is too slow to have Vegas preview the HDV in realtime. I am not sure why, since WM player can play the files with only 70% cpu.

I know about HDConnect, and it would do what I want, but I have been having glitches with it and I want to try a free solution first.

So is there some simple to use drag and drop 'drop compress' application where I can drop .m2t files in and they come out as Huffyuv encoded .AVIs and preserve audio and aspect ratio and all the other good stuff?