axVideoConvert Description:

ActiveX control for Visual Basic, Visual C++, Borland Delphi, Borland Builder, and any other environment that can host ActiveX controls that allows you to easily convert AVI (and other codecs), MPEG1, MPEG2, WMF video files.

The control uses a DirectEncode MPEG Filter for DirectShow, and hence has got the same blazing performance and reliability.
It has got an internal frame rate balancing system, allowing you to convert files without fixed framerates (like asf/wmv) to the fixed framerate mpeg format. Or, you could use this feature to transcode an mpeg file to another framerate.The filter runs faster than any other MPEG Encoding DirectShow filters. At 320x240 size video, performance reaches 25-30 frames per second. With smaller video width and height, up to 80 frames per second can be encoded. This is equivalent to real time encoding for most videos, and on many systems.