Wow, it's all zip zap zoom with the updates today. Thanks Dan!
We've now got an HD Quicktime 7 preset. This will only show up if your source media is at least 1440x1080. You'll get a 1920x1080 H.264 file with a rather chunky bitrate - perhaps as high as 8mbits/sec. For reference, this is on par with the HD videos you can get from Apple - they tend to range from 8-10mbit, and so became my target when creating the preset.
Please submit comments if you think this preset should be tweaked in any way. I don't have a ton of HD footage to test with, so it's my best shot at balancing Ultra-Quality with reasonable compression.