My apologies if my statement is incorrect, I was just regurgitating information from Fixstars' press release where they compare the encoding speed of the Cell vs the i7 965 EE (which is faster than a 920).
According to them, the Cell was pushing 29FPS and the i7 965 EE was doing 18FPS. Apparently the settings were the same and they were using H.264 not x264. Again, apologies for any confusion. With regards to quality, it appears this topic has already been discussed fairly in-depth
here.
Nevertheless, I can't see how my original request could be anything but a good thing, even if the i920 or i965 EE or whatever is faster. Not everyone, myself included, has access to a high performance desktop for video encoding.