Instead of the "Android Video Converter" (Which is NOT free, only a 30 day trial)  I would *highly* recommend the Open Source (Totally free) WinFF converter.  It has specific settings for "Google Android" and is as quick as any other converter out there.

You can download it from http://winff.org/html_new/downloads.html

You can even set the exact resolution you wish to use, be it for the Motorola Droid at 854X480 or for the Eris at 480X320 to completely and perfectly fill your entire screen. (Click on the "Options" button at the upper-right corner.)

By default it will encode a single audio channel to save space, which is fine if you are going to listen to it on the built-in speaker, but if you are going to use headphones, click on the "Audio Settings" (Again, under the "options") and put a "2" (without the quotes) in the Audio Channels box.

If you have a multi-core processor, go to "Edit" and "Preferences" at the top, and put a check box in the multithreading option to speed up the conversion.