The first alpha-version of H.264 has come out, a DivX encoder. The program will be a part of Divx 7, and beta testers already can try out a new encoder in action.
The first alpha version works only from the command line. The encoder supports multithreading and will create video threads of the format H.264, which are compatible with the standard DivX 7 H.264 HD. As a source files beta testers can use AVI, and there is a support of AVISynth. The website of Divx contains detailed instructions for installing and using the encoder, as well as its limitations. In particular, you can not create video to be played on Apple iPod and iPhone so far.