Re: That's all well and good, but...
I think a lot of people are missing this part of the review...
"The connection to QuickTime means that the Turbo.264 is accessible by almost any application that uses Apple's multimedia software to encode video, not just Elgato's own - Turbo.264 shows up in iMovie, for example. Content is decoded then re-encoded by the Turbo.264, so any format QuickTime understands, even via a third-party plug-in like Flip4Mac's WMV add-in, can be converted into H.264 format. If the Turbo.264 isn't connected, you'll be told to slot it in."
I read this as I can use QT7 to export and still take full advantage of the H.264 hardware acceleration. I believe this also means that applications like Toast will benefit because it uses QuickTime to process video too.
You should also be able to sey up custom output resolutions