I don't think so. As far as I know it just does compression, but they do have a demo.
http://www.discreet.com/products/cleaner/cleaner6/
ffmpegX is a hell of a lot cheaper at $15 and you can try it for free. It's real fast when splitting up files, but its interface does get a bit of getting use to. It is basically just a front end using AppleScript to the open software *nix tools.