Hello,
First of all I'd like to confess I am completely newbie to Banana - so far I only had fun with Raspberries...
I'd like to use my newly bought Banana Pi M3 as tvheadend server (for DVB-S2 TV) and stream video via Internet. Currently I am using regular PC as server which encodes video with h.264 codec (Matroska container). Video is compressed and I sended with success via Intenret - so I can watch DVB-S2 TV anywhere I am 
Previously I tried to use Raspberry Pi 2 as transcoder but it is far to slow for such operations... PC works smoothly - but eats lots of electricity 
That's why I wanted to replace it with my new banana toy... Unfortunately results are not satisfactory so far 
This is what I did:
I installed raspbian lite on banana, compiled and isntalled and configured tvheadend with transcoding + DVB-S2 USB tuner, launched tvheadend. On local network banana works quite smooth but without transcoding...
Bananian technical specs says it supports h.264 decode/encode - question is how to use it properly? Which OS?