Our DivX test is the same DivX / XMpeg 5.03 test we've run for the past few years now, the 1080p source file is encoded using the unconstrained DivX profile, quality/performance is set balanced at 5 and enhanced multithreading is enabled:

Finally, after struggling far too long in our DivX encoding test AMD is now able to claim a spot in the top three. While it's still slower than the Core i7 920, the Phenom II X4 955 is faster than any Core 2 Quad on the list when it comes to DivX encoding.
Graysky's x264 HD test uses the publicly available x264 codec (open source alternative to H.264) to encode a 4Mbps 720p MPEG-2 source. The focus here is on quality rather than speed, thus the benchmark uses a 2-pass encode and reports the average frame rate in each pass.

More important than DivX encoding performance is x264 encoding performance these days, and the Phenom II X4 955 does quite admirably here as well. The second pass is the more interesting one as that's the more strenuous pass:

The 955 is a hair faster than the Q9550 but unable to touch the Core i7 920.
In order to be codec agnostic we've got a Windows Media Encoder benchmark looking at the same sort of thing we've been doing in the DivX and x264 tests, but using WME instead.

Once again, short of the i7, the Phenom II X4 955 is the fastest quad-core here.