Saturday I stopped by my semi-local (an hour drive) Best Buy and picked myself up a shiny new Toshiba HD-DVD player. I wasn't able to procure any discs but I have managed to use a combination of HDTV2MPEG, VideoReDo (not needed with all streams) and Ulead DVD Movie Factory 5 to convert transport streams captured with my HDTV capture card losslessly to HD-DVD. The process takes about an hour to do a movie or about half an hour to do a TV episode. The process is so fast since it doesn’t require you to re-encode the files. It'll be interesting to compare these tests against the HD-DVD copy of Serenity that should be arriving this week from Amazon.
For those interested in the process I use HDTV2MPEG to join the .TS files when needed and then use VideoReDo to convert them to MPEG stream files. HDTV2MPEG will convert to MPEG stream files but I had trouble with DVD Movie Factory 5 loading some of the files. After you have an MPEG2 stream file start an HD-DVD project in DVD Movie Factory and drop the MPEG2 stream into your project. Disable menu creation or use menus with no animation or you’ll eat up a lot of disc space and the final project will take forever to encode. Once you get to the burning process choose the option to create an ISO file and then burn your ISO file to a DVD using your favorite burning software. Your new HD-DVD (on DVD) should play back just fine on your Toshiba HD-DVD player.