pi@raspberry:/media/usb1 $ sudo ffmpeg -i VTS_01_2.VOB -c:a copy -c:v libx264 -b:v 256k -hls_time 3 -hls_wrap 30 "/media/usb1/foo.m3u8"
ffmpeg version N-86690-g06a66e7 Copyright (c) 2000-2017 the FFmpeg developers
  built with gcc 4.9.2 (Raspbian 4.9.2-10)
  configuration: --arch=armhf --target-os=linux --enable-gpl --enable-libx264 --enable-nonfree --enable-mmal --enable-omx --enable-omx-rpi
  libavutil      55. 67.100 / 55. 67.100
  libavcodec     57.100.103 / 57.100.103
  libavformat    57. 75.100 / 57. 75.100
  libavdevice    57.  7.100 / 57.  7.100
  libavfilter     6. 94.100 /  6. 94.100
  libswscale      4.  7.101 /  4.  7.101
  libswresample   2.  8.100 /  2.  8.100
  libpostproc    54.  6.100 / 54.  6.100
Input #0, mpeg, from 'VTS_01_2.VOB':
  Duration: 00:21:01.98, start: 1249.688633, bitrate: 6802 kb/s
    Stream #0:0[0x1bf]: Data: dvd_nav_packet
    Stream #0:1[0x1e0]: Video: mpeg2video (Main), yuv420p(tv, bottom first), 720x480 [SAR 32:27 DAR 16:9], 29.83 fps, 59.94 tbr, 90k tbn, 59.94 tbc
    Stream #0:2[0x80]: Audio: ac3, 48000 Hz, 5.1(side), fltp, 448 kb/s
    Stream #0:3[0x81]: Audio: ac3, 48000 Hz, stereo, fltp, 192 kb/s
    Stream #0:4[0x82]: Audio: ac3, 48000 Hz, 5.1(side), fltp, 384 kb/s
    Stream #0:5[0x83]: Audio: ac3, 48000 Hz, 5.1(side), fltp, 384 kb/s
    Stream #0:6[0x84]: Audio: ac3, 48000 Hz, 5.1(side), fltp, 384 kb/s
    Stream #0:7[0x85]: Audio: ac3, 48000 Hz, 5.1(side), fltp, 384 kb/s
    Stream #0:8[0x86]: Audio: ac3, 48000 Hz, stereo, fltp, 192 kb/s
    Stream #0:9[0x20]: Subtitle: dvd_subtitle
    Stream #0:10[0x24]: Subtitle: dvd_subtitle
    Stream #0:11[0x25]: Subtitle: dvd_subtitle
    Stream #0:12[0x23]: Subtitle: dvd_subtitle
    Stream #0:13[0x22]: Subtitle: dvd_subtitle
    Stream #0:14[0x21]: Subtitle: dvd_subtitle
Stream mapping:
  Stream #0:1 -> #0:0 (mpeg2video (native) -> h264 (libx264))
  Stream #0:2 -> #0:1 (copy)
Press [q] to stop, [?] for help
[libx264 @ 0x1bc4940] using SAR=32/27
[libx264 @ 0x1bc4940] using cpu capabilities: ARMv6 NEON
[libx264 @ 0x1bc4940] profile High, level 3.0
[hls @ 0x1b95fb0] Opening '/media/usb1/foo0.ts' for writing
Output #0, hls, to '/media/usb1/foo.m3u8':
  Metadata:
    encoder         : Lavf57.75.100
    Stream #0:0: Video: h264 (libx264), yuv420p, 720x480 [SAR 32:27 DAR 16:9], q=-1--1, 256 kb/s, 29.97 fps, 90k tbn, 29.97 tbc
    Metadata:
      encoder         : Lavc57.100.103 libx264
    Side data:
      cpb: bitrate max/min/avg: 0/0/256000 buffer size: 0 vbv_delay: -1
    Stream #0:1: Audio: ac3, 48000 Hz, 5.1(side), fltp, 448 kb/s
[hls @ 0x1b95fb0] Opening '/media/usb1/foo1.ts' for writinge=N/A dup=50 drop=0 speed=0.584x
[hls @ 0x1b95fb0] Opening '/media/usb1/foo.m3u8.tmp' for writing
[hls @ 0x1b95fb0] Opening '/media/usb1/foo2.ts' for writinge=N/A dup=70 drop=0 speed=0.566x
[hls @ 0x1b95fb0] Opening '/media/usb1/foo.m3u8.tmp' for writing
[hls @ 0x1b95fb0] Opening '/media/usb1/foo3.ts' for writinge=N/A dup=94 drop=0 speed=0.521x
[hls @ 0x1b95fb0] Opening '/media/usb1/foo.m3u8.tmp' for writing
[mpeg @ 0x19112a0] New subtitle stream 0:15 at pos:11780110 and DTS:1266.95sp=0 speed=0.523x
[hls @ 0x1b95fb0] Opening '/media/usb1/foo4.ts' for writinge=N/A dup=113 drop=0 speed=0.52x
[hls @ 0x1b95fb0] Opening '/media/usb1/foo.m3u8.tmp' for writing
[hls @ 0x1b95fb0] Opening '/media/usb1/foo5.ts' for writinge=N/A dup=128 drop=0 speed=0.487x
[hls @ 0x1b95fb0] Opening '/media/usb1/foo.m3u8.tmp' for writing
frame=  664 fps= 15 q=33.0 size=N/A time=00:00:21.92 bitrate=N/A dup=140 drop=0 speed=0.488x