For the video people. I've been using Video Monkey to shrink vids to fit on the iPhone. Yes, the PQ is lower quality but I can fit 2 hr movies in to a file size just under 200MB. That allows me to put a lot of movies onto 16GB of space. W/ the small iphone screen size, it's a compromise I can live with.

Unfortunately, it's Mac only. I'm sure there's other ones on the PC but this has a cool feature I like. A slider that you adjust, showing you output file size. Then you can encode as you like.