This is funny, you press cancel, and you get two options: "cancel", and "OK"... I pressed "cancel" three times before I realized that "OK" was the one which would actually cancel the operation.
I'm converting a stack of DVDs to MP4, for viewing on my iPad. In my home hotspot, I can view it over the wifi, so I don't have to fill more video on the limited space on the iPad 3, which is already straining with iTunes TV show purchases. (I really think they should have upgraded the space options this time, especially since the iPad 3 can play and produce HD video. 64GB is not a lot these days.)