Can I transcode MPEG-2 multiplexed (i.e., muxed) video to other formats?
Yes, the QuickTime MPEG-2 Playback Component combined with QuickTime Pro will allow the transcode of MPEG-2 video to other formats, whether that video originates in an elementary video stream or in a multiplexed stream. However, the audio that is interleaved with the video in a multiplexed stream cannot be transcoded to other formats. Transcoding is supported for video only.