VP6 v6.2 (freeware)

VP6 v6.2

VP6 is a high-quality, low bitrate video codec that is available for free to personal use.

It is a full Video for Windows codec, that allows both playback and encoding.

Developer, the On2 Technologies, describes the codec:
In our internal testing, VP6 beat H.264, Windows Media 9 and Real Networks 9 in PSNR comparisons using the standard set of MPEG-2 test clips. The codec looks better than Windows Media 9, shows far fewer motion artifacts than Windows Media 9, and maintains more texture and detail than Real 9 or H.264.

Our internal tests show that VP6 provides stunning quality at low bitrates. The compression times, however, are much higher than with DivX 5 or XviD. Depending on the video, resolution and settings, VP6 can take 4-10 times longer to compress than DivX.

Download and install the codec, and then see samples provided by On2 Technologies to make up your own mind.

Features:

Now supports Multi-pass encoding.
Highly configurable (constant or variable) datarate control.
Direct access to the reconstruction buffer.
Improves Error recovery.
Multiple platform support (Intel, Equator, TI, PowerPC).
Compresses high-definition (HD) material with no restrictions on the encoder. VP6 can play back 1920x1080 HD material on a 2.5 GHz PC and 1280x720 material on a 1.5 GHz PC.
Supports real-time encoding at full D1 resolution.
Up to 40% image quality improvement over VP5.
Up to 50% faster playback than VP5.
Optimized to produce the best quality video available on high-resolution material (640x480 and higher).
Designed for inexpensive DSP processors. VP6 is ideal for embedded chipsets in non-PC devices and set-top boxes. Unlike some standards-based codecs (JVT, MPEG-4 v10), VP6 runs on general-purpose DSPs without requiring expensive add-on subprocessors.
VP6 is a purely software-based solution that can be upgraded easily.
Introduces predefined "profiles": Simple for fast playback on inexpensive processors, General for full D1 on set-top boxes, and Advanced for ensuring the best quality possible at extremely low datarates.
Achieves any requested data rate by choosing automatically to adjust quantization levels, adjust encoded frame dimensions, or drop frames altogether.
Carries no burdensome "patent pooling" restrictions or complicated external licensing fees.