I had earlier talked about the Movavi Video Suite, looks like the folks at Movavi have come up with a better product now - A Free Online Video Convertor called Movavi Online.
It is one beautiful and useful web application for you to convert the video. It is a free service that allows you to convert video's from the following formats (DivX, XVid), MPEG (1, 2, 4), MP4, 3gp, 3gp2, WMV, MOV (QT) to the following formats (XVid), MPEG-4, MPEG-2 (DVD Quality, PAL), MPEG-2 (DVD Quality, NTSC), iPod video, iPod 5G video, PSP video, 3gp, 3gp2, MPEG-4 (.mov), Flash (.flv).
The cool feature is that you can add up to 5 files limited to 10 min each and 100 Mb total size. I guess the site has the fastest online conversion and without too much of advertisements(or NO ads right now). But the pain point is that you need to give your email and a notification is sent to you when your converted video is ready for download.
Once you receive the link for the download in your mail - you will have 24 hours of time in order to unload your video, after that the converted video is automatically deleted from the server.