I took a ripped DVD and transcoded it to iPhone 4.
|HD Video Converter||9 mins.||624,569KB||mpeg4||640x480|
There are a couple of other differences. Handbrake would use the ISO file as input. For HD Video Converter I had to mount the ISO (using Microsoft's Virtual CD-ROM Control Panel) and then navigate to the VIDEO_TS folder and select the VOB files.
Here's what the HD Video Converter output file looked like:
And here's what the Handbrake output file looked like: