I think the most important thing that isn't covered yet by profiles is audio encoding. This is usually the most difficult to do because everyone has their own idea's about what is appropriate but I think as a community we should come up with some good settings for the different audio formats. Common Profiles could be
Audio-streaming (audio only)
Audio-DVD (CBR)
Audio-DVD (VBR)
These are only some examples but I think this will be the biggest challenge to find terms of agreement on.
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