Ok, the "any modern (current generation) graphics card" referred to decoding only (which I wasn't questioning).
It's still great to see that encoding is getting HW assisted, now, too. Finally some good use for those expensive 3d cards.. ;-)
[EDIT] Hmm tried to google a bit (but failed), got any links to some nice video encoder software that ulitizes the 8800GT for encoding? [/EDIT]