Yes, that works and it’s free. But be aware, it takes a very long time. Quicktime can either ‘rewrap’ or ‘rerender’ with help of Perian.
Rewrapping is quite fast, but I had problems with the ‘rewrapped’ file, so I had to rerender anyhow. Rerender took forever, both with quicktime as well as with adobe. It’s definately not a fast way to go. I think bottleneck is the quicktime component.
It was 40 hours against one hour in my case.