'Best' is not a good word when it comes to something as technical as digital video encoding. There are lots of tools that cater to different needs and you are likely to find one if you lay down exactly what your particular needs are.
I suggest you try
TMPGEnc because it is probably the most versatile encoder for MPEG-1 and MPEG-2 without being too clumsy to use. There are interfaces that are much more streamlined, but it is rare to find one that includes as many easily accessible options. TMPGEnc is also very good at producing compliant files whereas other encoders may seem to do the same, they are actually at the mercy of the decoding hardware (with the excessive requirements of DVD video over (S)VCD, they can afford to be forgiving it what otherwise may not be a 100% (S)VCD compliant stream). Note that TMPGEnc can only produce MPEG-2 streams for 30 days until you must register and pay (SVCD=MPEG-2), but the MPEG-1 encoder is always unlocked.
Cinemacraft's CCE is very good and they have been offering a Basic version at the same $50 pricepoint as the competition for over a year now. This encoder was often not used due to its high price. CCE produces arguably better image quality and it absolutely screams in terms of performance. However, it is not very friendly or tweakable, instead relying on compliant input files.
Nero also offers an encoder, but I only use Nero to burn the finished product. Two years ago their encoder was absolute trash when compared to TMPGenc and CCE, but things may have changed. I have not spent time investigating Nero's encoder because I am happy with the alternatives.
There is also Canopus ProCoder to consider, along with Panasonic's encoder and Ligos. Some have trial versions so it may be worth checking them all out if you are serious about encoding.
Then there is QuEnc, as found on Doom9.org. I recently tried this freeware encoder and I found it to be quite good. It has absolutely zero options in the encoding application and you must use AviSynth (this is a scripting interface that allows you to serve virtual video frames and tweak them on the fly. Very powerful, but quite involved) to configure your files, but if you are comfortable with that it offers good speed and quality. Not sure if this is interesting in general as sometimes my liking a piece of code has to do with its "beta quality" and following the development progress.