After testing a lot of different methods for getting recorded TV shows from my eyeTV to my iPod, I've assembled a pretty good guide. Using only eyeTV (and in some cases a program called iSquint) I have managed TV shows to my iPod with good quality and in a reasonable amount of time and effort.

METHOD 1 - Use eyeTV to export for PSP
Because the iPod and the PSP accept very similar video formats, this option will also work for a video iPod.
Click on the show you want to put on your iPod in eyeTV's Programs window. Then go to File > Export. Then Select "for PSP" in the Format drop-down menu. Click save.

This method is the SIMPLEST, but not necessarily the best.

METHOD 2 - Use eyeTV to export to MPEG-4
This method is similar to method 1 in practice, but yields a better quality file.
Click on the show you want to put on your iPod in eyeTV's Programs window. Then go to File > Export. Select "MPEG-4" in the Format drop-down menu. Then click the Options button. Settings are as follows:

File Format: MP4 (ISMA)
Video Format: MPEG-4 Improved
Data Rate: Leave as-is
Image Size: 320 x 240 QVGA
Frame Rate: Leave as-is
Key Frame: Leave as-is

Click OK. Then click save. This method is also fairly simple, and produces higher quality video and audio.

METHOD 3 - Use iSquint to convert the raw AVIs from eyeTV into iPod compatible video
This method requires iSquint, an awesome little program that I reccomend for EVERYONE with a mac and a 5G iPod. It converts almost any source video into iPod ready files. It produces very high quality files.
Click on the show you want to put on your iPod in eyeTV's Programs window. Then go to File > Export. Select "MPEG-4 AVI" in the Format drop-down menu. Then save the AVI somewhere. Then launch iSquint. Click Convert File, and choose the AVI you just exported from eyeTV. Then check Optimize for iPod Screen. (If your TV show is widescreen, check the widescreen box). Then click start.

This method produces the best quality file, but also the largest in file size.

SUMMARY
METHOD 1 is generally the fastest, but compromises quality for speed. METHOD 2 is a good middle ground. It produces a larger file, and a higher quality video but it is almost as fast as METHOD 1. METHOD 3 is the slowest but produces the best quality video and audio. You have to have iSquint.

Method 2 is the most customizable. In the options menu, you can select fine-tune the video and audio settings to produce smaller file-sizes. Adjusting the video to lower bit-rates and adjusting the audio to lower sample rates and bit rates will bring the file-size down by lowering the quality of the video and the audio. Feel free to tweak this settings to you liking. Keep in mind, the iPod only (officially) supports up to 480 x 480, 2500 kbits/sec video and 160 Kbps AAC audio.

If someone actually wants all the hard numbers for these tests, let me know, and I'll post them. Also, I'm working an an applescript to automate a lot of this procedure. (If anyone has any good applescript tips/hints, I'm all ears). I hope this helps those of you with eyeTV's.

Get iSquint here: http://homepage.mac.com/tylerl82/