ffmpeg -i rtsp://serverip.com:7070/stream1  -vcodec libx264 -vb 150000 -g 60 -vprofile baseline -level 2.1 -acodec aac -ab 64000 -ar 48000 -ac 2 -vbsf h264_mp4toannexb -strict experimental -f rtsp -muxdelay 0.1 rtsp://127.0.0.1:1935/live/
ffmpeg version N-63893-gc69defd Copyright (c) 2000-2014 the FFmpeg developers
  built on Jul 16 2014 05:13:25 with gcc 4.6 (Debian 4.6.3-1)
  configuration: --prefix=/root/ffmpeg-static/32bit --arch=x86_32 --extra-cflags='-m32 -I/root/ffmpeg-static/32bit/include -static' --extra-ldflags='-m32 -L/root/ffmpeg-static/32bit/lib -static' --extra-libs='-lxml2 -lexpat -lfreetype' --enable-static --disable-shared --disable-ffserver --disable-doc --enable-bzlib --enable-zlib --enable-postproc --enable-runtime-cpudetect --enable-libx264 --enable-gpl --enable-libtheora --enable-libvorbis --enable-libmp3lame --enable-gray --enable-libass --enable-libfreetype --enable-libopenjpeg --enable-libspeex --enable-libvo-aacenc --enable-libvo-amrwbenc --enable-version3 --enable-libvpx
  libavutil      52. 89.100 / 52. 89.100
  libavcodec     55. 66.101 / 55. 66.101
  libavformat    55. 43.100 / 55. 43.100
  libavdevice    55. 13.101 / 55. 13.101
  libavfilter     4.  8.100 /  4.  8.100
  libswscale      2.  6.100 /  2.  6.100
  libswresample   0. 19.100 /  0. 19.100
  libpostproc    52.  3.100 / 52.  3.100
[h264 @ 0xa6df820] number of reference frames (0+2) exceeds max (1; probably corrupt input), discarding one
Input #0, rtsp, from 'rtsp://serverip:7070/stream1':
  Metadata:
    title           : Session streamed by RTP/RTSP server
    comment         : ACTi.COM Streaming Media v
  Duration: N/A, start: 0.330667, bitrate: N/A
    Stream #0:0: Video: h264 (High), yuv420p, 1280x720, 7.50 fps, 7.50 tbr, 90k tbn, 15 tbc
Codec AVOption ab (set bitrate (in bits/s)) specified for output file #0 (rtsp://127.0.0.1:1935/live/) has not been used for any stream. The most likely reason is either wrong type (e.g. a video option with no video streams) or that it is a private option of some encoder which was not actually used for any stream.
[libx264 @ 0xa9cbc80] frame MB size (80x45) > level limit (792)
[libx264 @ 0xa9cbc80] MB rate (27000) > level limit (19800)
[libx264 @ 0xa9cbc80] using cpu capabilities: MMX2 SSE2Fast SSSE3 FastShuffle SSE4.2 AVX
[libx264 @ 0xa9cbc80] profile Constrained Baseline, level 2.1
[libx264 @ 0xa9cbc80] 264 - core 129 r2230 1cffe9f - H.264/MPEG-4 AVC codec - Copyleft 2003-2012 - http://www.videolan.org/x264.html - options: cabac=0 ref=1 deblock=1:0:0 analyse=0x1:0x111 me=hex subme=7 psy=1 psy_rd=1.00:0.00 mixed_ref=0 me_range=16 chroma_me=1 trellis=1 8x8dct=0 cqm=0 deadzone=21,11 fast_pskip=1 chroma_qp_offset=-2 threads=1 lookahead_threads=1 sliced_threads=0 nr=0 decimate=1 interlaced=0 bluray_compat=0 constrained_intra=0 bframes=0 weightp=0 keyint=60 keyint_min=6 scenecut=40 intra_refresh=0 rc_lookahead=40 rc=abr mbtree=1 bitrate=150 ratetol=1.0 qcomp=0.60 qpmin=0 qpmax=69 qpstep=4 ip_ratio=1.40 aq=1:1.00
[tcp @ 0xa9ccc00] Connection to tcp://127.0.0.1:1935?timeout=0 failed: Connection refused
Output #0, rtsp, to 'rtsp://127.0.0.1:1935/live/':
  Metadata:
    title           : Session streamed by RTP/RTSP server
    comment         : ACTi.COM Streaming Media v
    encoder         : Lavf55.43.100
    Stream #0:0: Video: h264 (libx264), yuv420p, 1280x720, q=-1--1, 150 kb/s, 7.50 fps, 90k tbn, 7.50 tbc
    Metadata:
      encoder         : Lavc55.66.101 libx264
Stream mapping:
  Stream #0:0 -> #0:0 (h264 (native) -> h264 (libx264))
Could not write header for output file #0 (incorrect codec parameters ?): Input/output error
[libx264 @ 0xa9cbc80] final ratefactor: 34.36