Received this info via a comment, looks like another intersting service is on the block “YouTubeVideoConverter“.

As the name says it YouTube Video converter is a service that helps you download any youtube or any online video into one of the six formats they support. You can convert a youTube video into :

1. .mpeg for Windows
2. .mov for Mac
3. .3gp for Mobile
4. .FLV Flash
5. .mp3 audio only
6. .mp4 iPod / p2p / iPhone

All you have to do provide the URL of the video you want to convert and then select the format after a few minutes you video will be ready for download.

Also if you like you can try ‘YouConvertIt’ a tool to Convert any file to any possible format using free online tool