I use
VideoRedo to convert my files to mpg. BTV won't play the output file but WMP will. I usually covert the file to mpg (by running a 'quick stream fix'), strip out the commercials using VideoRedo and export the mpg, and then
convert to Divx or burn to a DVD (if I'm giving a copy to someone).
ConvertXtoDVD will turn just about any file into a DVD, including the mpg created by VideoRedo. It's easy to use, but obviously using all of these products outside of BTV defeats the point of using their burning plugin. I just find this combination of tools to be a lot more flexible.