Does anyone have experience with this software? I hear it preserves the PAL image quality much better than other methods.
I had a look at the webpage, and it doesn't look like it will give you any advantage over any other method. In fact, it preserves the pitch of the audio, which is not what NTSC viewers will want. Nothing special needs to be done - the video is squished down to 480 lines, the framerate is changed to 23.976, the audio is resampled, and the MPEG is encoded with a pulldown flag.
DV Atlantis might preserve PAL quality better if you start out with interlaced video (which this isn't), but that can be done with free tools too.
David