Transcoding Recommendations for Underpowered Android Phone?

[crazybilly]

I've got an Optimus V phone--it runs Android and isn't bad, but it's nothing to write home about. It's underpowered enough that the Market yells at me and tells me it's unsupported when I try to install flash.

With that in mind, I'd like to be able to stream the movies I have in subsonic onto it (without downloading them--streaming is ideal).

And since the screen is so much smaller, it makes sense to seriously downsample the videos to something more sane.

Anybody have any recommendations about how to transcode/downsample video to stream to Android phones without using flash?

Thanks!