The new encoder appears to be from Mainconcept judging by the screenshot of the VV3 encoder.
I didn't know Mainconcept made a MPEG encoder since they are better known for their video editor (Mainactor - which used to bundled with a lot of Dazzle's cards) and their MJPEG and DV codecs.
I hope VF will retain most if not all of the features of the VV3 encoder (here's hoping).
It would be nice to see some other VV features "trickle down" into VF (at least VF3):
New Print-to-Tape Tools (batch capture not necessary)
Sonic Foundry DV codec
Ability to open WMV files
Intelligent rendering
Dynamic RAM Previewing
Plus:
(a better) Trimmer
Better scrub controls
Noise gate filter (audio)
Chroma Key
(basic) DVD authoring