Makayama software (makers of video encoding software for handheld phones) have released software to compress movies using Apple's QuickTime so that they can be watched on a Sony Ericsson P800.

The software costs $9.99 and can be purchased online.

A two hour movie can be compressed to fit on a 128MB memory stick, although frankly that screen is a bit small for a full movie. I can see the usefulness in making small clips available on the phone, though.