Media converters are for downloading most any audio-visual from the net (youtube, google, quicktime, etc) and turning it into a usable audio-visual file format for most any gadget (Play Station, cell phone, desktop, etc).
I currently use AVC (free version), which is good, but I'm not entirely happy with the interface or synch results. Maybe it's just me.
Besides, who can pass up a new toy? Plus, ya can't beat the price.
Meet Cocoon's Quick Media converter.
TB at WB has the details.