Just chiming in to say that I've started my own development about 6 months ago and think that a first release should be ready in about 3 more months.
The current state is that all information retrieved through ffmpeg or mencoder concerning video containers as well as imdb information is stored in a database and can be retrieved from there. A big part of the gui to create the folder structure is done as well. Quite a big part that will be ready for the release is about configuring how a movie will be displayed (video with cover and default properties or something like the movie display in the transcode folder) and isn't done yet. Everything concerning audio and pictures isn't done either, but that shouldn't be a big deal, once all the mechanisms are in place.
Here's the basic idea I had posted; since then it evolved a bit to be more customizable.
