Command line:

ffmpeg -i 2005-SFSD-sample-mpeg1.mpg -preset fast -an -vcodec libx264 http://127.0.0.1:8090/feed1.ffm



Output:

ffmpeg version 0.10.2 Copyright (c) 2000-2012 the FFmpeg developers
  built on Apr  9 2012 09:27:41 with gcc 4.5.2
  configuration: --enable-gpl --enable-libfaac --enable-libmp3lame --enable-libopencore-amrnb --enable-libopencore-amrwb --enable-libtheora --enable-libvorbis --enable-libx264 --enable-nonfree --enable-version3 --enable-x11grab
  libavutil      51. 35.100 / 51. 35.100
  libavcodec     53. 61.100 / 53. 61.100
  libavformat    53. 32.100 / 53. 32.100
  libavdevice    53.  4.100 / 53.  4.100
  libavfilter     2. 61.100 /  2. 61.100
  libswscale      2.  1.100 /  2.  1.100
  libswresample   0.  6.100 /  0.  6.100
  libpostproc    52.  0.100 / 52.  0.100
[mpeg @ 0x1c453e0] max_analyze_duration 5000000 reached at 5005000
Input #0, mpeg, from '2005-SFSD-sample-mpeg1.mpg':
  Duration: 00:12:13.41, start: 0.213367, bitrate: 1388 kb/s
    Stream #0:0[0x1e0]: Video: mpeg1video, yuv420p, 352x240 [SAR 200:219 DAR 880:657], 1150 kb/s, 29.97 fps, 29.97 tbr, 90k tbn, 29.97 tbc
    Stream #0:1[0x1c0]: Audio: mp2, 44100 Hz, stereo, s16, 224 kb/s
[buffer @ 0x1c4c780] w:352 h:240 pixfmt:yuv420p tb:1/1000000 sar:200/219 sws_param:
[libx264 @ 0x1d99fa0] broken ffmpeg default settings detected
[libx264 @ 0x1d99fa0] use an encoding preset (e.g. -vpre medium)
[libx264 @ 0x1d99fa0] preset usage: -vpre <speed> -vpre <profile>
[libx264 @ 0x1d99fa0] speed presets are listed in x264 --help
[libx264 @ 0x1d99fa0] profile is optional; x264 defaults to high
Output #0, ffm, to 'http://127.0.0.1:8090/feed1.ffm':
    Stream #0:0: Video: h264, yuv420p, 352x240 [SAR 200:219 DAR 880:657], q=2-31, 64 kb/s, 1000k tbn, 29.97 tbc
Stream mapping:
  Stream #0:0 -> #0:0 (mpeg1video -> libx264)
Error while opening encoder for output stream #0:0 - maybe incorrect parameters such as bit_rate, rate, width or height