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This is typical a feature of the underlying encoder.
If you go to the Mplayer site, and look under mencoder
there, you'll find the information, but for your
convenience, 3 pass encoding is basically the same as 2 pass
encoding, but the audio is encoded first, and are not
subsequently encoded in the next 2 pass. This is of primary
use because you can get a educated guess at the video
bitrate to produce CD's.