$ ffmpeg  -y -i cam5-2011-09-14-21-18-03.ts -vcodec libx264 -vpre ultrafast -crf 31 -r 8 -t 600.3 -ss 1 -f mp4 -threads 0 outfile
ffmpeg version 0.7.1-alt3 (git.dea22a1), Copyright (c) 2000-2011 the Libav developers
  built on Sep  2 2011 20:30:20 with gcc 4.5.1 20101130 (ALT Linux 4.5.1-alt8)
  configuration: --prefix=/usr --libdir=/usr/lib64 --shlibdir=/usr/lib64 --mandir=/usr/share/man --enable-gpl --enable-postproc --enable-pthreads --enable-shared --enable-static --enable-libvorbis --disable-libfaac --enable-libxvid --enable-libx264 --enable-libmp3lame --enable-libgsm --enable-libdc1394 --enable-zlib --enable-mmx --disable-iwmmxt --disable-memalign-hack --enable-ffserver --enable-ffplay --enable-ffprobe --disable-libdirac --enable-libschroedinger --enable-avfilter --disable-avisynth --disable-libnut --enable-libtheora --enable-version3 --enable-libopencore-amrwb --enable-libopencore-amrnb --enable-hardcoded-tables --enable-runtime-cpudetect --enable-x11grab --enable-bzlib --enable-libvpx --enable-libv4l2 --disable-nonfree --enable-librtmp --enable-vaapi --enable-vdpau --disable-debug --extra-cflags='-pipe -Wall -g -O2 -frename-registers -fPIC -DPIC' --extra-version='alt3\ \(git.dea22a1\)'
All the errors with this package you should report 
to ALT Linux bugzilla (https://bugzilla.altlinux.org)!
  libavutil    51.  7. 0 / 51.  7. 0
  libavcodec   53.  5. 0 / 53.  5. 0
  libavformat  53.  2. 0 / 53.  2. 0
  libavdevice  53.  0. 0 / 53.  0. 0
  libavfilter   2.  4. 0 /  2.  4. 0
  libswscale    2.  0. 0 /  2.  0. 0
  libpostproc  52.  0. 0 / 52.  0. 0
[mpeg4 @ 0x628840] hmm, seems the headers are not complete, trying to guess time_increment_bits
[mpeg4 @ 0x628840] my guess is 3 bits ;)
[mpeg4 @ 0x628840] looks like this file was encoded with (divx4/(old)xvid/opendivx) -> forcing low_delay flag
[mpeg4 @ 0x628840] [IMGUTILS @ 0x7fffadff3ce0] Picture size 0x0 is invalid
[mpeg4 @ 0x628840] get_buffer() failed (-1 0 0 (nil))
[mpeg4 @ 0x628840] hmm, seems the headers are not complete, trying to guess time_increment_bits
[mpeg4 @ 0x628840] my guess is 4 bits ;)
[mpeg4 @ 0x628840] [IMGUTILS @ 0x7fffadff3ce0] Picture size 0x0 is invalid
[mpeg4 @ 0x628840] get_buffer() failed (-1 0 0 (nil))
[mpeg4 @ 0x628840] [IMGUTILS @ 0x7fffadff3ce0] Picture size 0x0 is invalid
[mpeg4 @ 0x628840] get_buffer() failed (-1 0 0 (nil))
[mpeg4 @ 0x628840] [IMGUTILS @ 0x7fffadff3ce0] Picture size 0x0 is invalid
[mpeg4 @ 0x628840] get_buffer() failed (-1 0 0 (nil))
[mpegts @ 0x623300] max_analyze_duration reached
Input #0, mpegts, from 'cam5-2011-09-14-21-18-03.ts':
  Duration: 00:10:01.99, start: 46443.240133, bitrate: 2303 kb/s
  Program 1 
    Stream #0.0[0x44]: Video: mpeg4, yuv420p, 1280x1024 [PAR 1:1 DAR 5:4], 15.40 fps, 15 tbr, 90k tbn, 15 tbc
[buffer @ 0x61f4a0] w:1280 h:1024 pixfmt:yuv420p
[libx264 @ 0x621440] using SAR=1/1
[libx264 @ 0x621440] using cpu capabilities: MMX2 SSE2Fast SSSE3 FastShuffle SSE4.1 Cache64
[libx264 @ 0x621440] profile High 10, level 3.2, 4:2:0 10-bit
[libx264 @ 0x621440] 264 - core 116 - H.264/MPEG-4 AVC codec - Copyleft 2003-2011 - http://www.videolan.org/x264.html - options: cabac=0 ref=1 deblock=0:0:0 analyse=0x1:0 me=dia subme=0 psy=1 psy_rd=1.00:0.00 mixed_ref=0 me_range=16 chroma_me=1 trellis=0 8x8dct=0 cqm=0 deadzone=21,11 fast_pskip=1 chroma_qp_offset=0 threads=6 sliced_threads=0 nr=0 decimate=1 interlaced=0 bluray_compat=0 constrained_intra=0 bframes=0 weightp=0 keyint=250 keyint_min=25 scenecut=0 intra_refresh=0 rc=crf mbtree=0 crf=31.0 qcomp=0.60 qpmin=0 qpmax=69 qpstep=4 ip_ratio=1.41 aq=0
Output #0, mp4, to 'outfile':
  Metadata:
    encoder         : Lavf53.2.0
    Stream #0.0: Video: libx264, yuv420p, 1280x1024 [PAR 1:1 DAR 5:4], q=0-69, 200 kb/s, 8 tbn, 8 tbc
Stream mapping:
  Stream #0.0 -> #0.0
Press ctrl-c to stop encoding
[mpeg4 @ 0x628840] warning: first frame is no keyframe
[buffer @ 0x61f4a0] Buffering several frames is not supported. Please consume all available frames before adding a new one.
    Last message repeated 2 times
[mpeg4 @ 0x628840] ac-tex damaged at 28 46
[mpeg4 @ 0x628840] Error at MB: 3754
[mpeg4 @ 0x628840] concealing 1461 DC, 1461 AC, 1461 MV errors
[buffer @ 0x61f4a0] Buffering several frames is not supported. Please consume all available frames before adding a new one.
    Last message repeated 10 times
[libx264 @ 0x621440] This build of x264 requires high depth input. Rebuild to support 8-bit input.
Video encoding failed