Best AVI/mpeg compression software?

I' looking for something that can compress my avi's and mpegs down
to about 1 meg per minute, or at least something a little more reasonable
than ~350 megs for a 27 minute file.

Quality loss is not really an issue. I have an full 25 episode of Hand Maid may that is only 50 megs, but I cannot find the compressor that did it.

I wish there was more information about Snow. Niedermayer isn't very forthcoming about what he's doing with it.