It has profiles for "Portable" devices where it automatically limits the size of the movie to 352x144 maximum.
I've just done 2 movies which were about 2hrs long and it took 40mins for each - add another 10mins on if you do 2-pass - the quality is amazing, and no sound sync problems either!
Really easy, you tick "Fit to Target" and then just enter something like 250mb as max file size and away it goes