When HoN comes out of beta, (so that way we can use media on social netowrking) how about an option to convert video from a replay to a raw video format like .mpeg. .wmv, or .avi? Say you pick whose point of view you want, and then it makes a video out of it.
I think this would be pretty nifty. And a fun way to share replays.
Thats - straightforwardly - not possible. You cannot "convert" a replay format (i.e. columns of timelines and coordinates) into a videostream.
You'd have to render it at some point which basically has the same expenditure as making a screencapture of the current game or a playing replay.