One of this week's new API listings is the HeyWatch API. This video encoding service lets you encode videos for a wide variety of formats and they now offer a REST-based interface that lets you do direct application integration. Videos can be uploaded directly from your local machine or accessed via sites like YouTube. The commercial service fees are based on 'encoding credits' at $.10 each. Mobile and gaming device support includes encoding videos for Nokia, PS3, Wii, Zune and other platforms.
If you're a Ruby developer you they also give you this code at RubyForge.
Speaking of which, we now have listed over 20 Ruby gems and code resources including wrappers for many of the major APIs.