In terms of price, the PiCloud rate for this particular video is also significantly cheaper than Zencoder (YC W10). PiCloud charges $0.585 for encoding with the worse locality (source/destination both NOT on s3). Zencoder charges $0.02 per minute of video at their highest tier. 0.0230 videos(3.5 min/video) = $2.1 total on Zencoder.

(The difference will lower for higher output resolutions. Nonetheless, PiCloud should always be cheaper than Zencoder's pay-as-you-go rate).