No one actually has their new 5G (video capable) iPod yet, but you can start preparing your movies now, by using a new preset in QuickTime 7.0.3 (Pro). Simply open the movie that you would like to put on your iPod (when you get it), and select Export from the File pull-down menu. From there, select “Movie to iPod (320×240)”, and click save. The result is a 320×240 m4v file encoded with H.264, AAC audio. The fps (frames per second) will be the same as your source movie (up to 30fps). Strangely enough, there are no configurable options associated with the preset, like the other presets.
Next, just add the movie to your iTunes 6 library, like you would with any other song, and sync with your new iPod.
UPDATE #2: Apple has posted a tutorial on how to create Video Podcasts.
UPDATE #3: I’ve written a post with useful information about iPod video format, bitrate, and battery life.