iVI looks be be on par with iFlicks for encoding, meaning that it uses QuickTime. I also found the tagging to be inferior to iFlicks. (Willow? You don't know what Willow is?). And it's uglier to boot than iFlicks.
If I had to choose one of iVI or iFlicks, it would be iFlicks - it does the same thing, the tagging in limited testing is better.
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-Scott
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