It was in the rumor that Apple was going to add an H.264 hardware encoding/decoding chip into all upcoming Macs, but Elgato has come up first with an H.264 USB stick that does the same. Thou it would be second fiddle to a dedicated internal chip it still does the same.  As you would know a dedicated decoder/encoder is damn good for doing realtime transcoding of various content, the Turbo 264 sets the system free to do other stuffs as it does realtime encoding/decoding of various content that you can directly stream to your Apple TV or just use it to make videos for your iPod and in the near future your iPhone. For 99Euros it looks like a cheap deal.

Turbo 264 [Macwelt]