Found the solution finally. And it's 'out of the box' if you have Ubuntu.
h264enc
It's a script, and it's in the repositories. Just
Code:
sudo apt-get install h264enc
h264enc -3p -p iphhq
Adjust the settings as needed. There is a way to make a 'preset' file, and i'm working on that. When I'm happy with it, I'll post it.