Microsoft has released their Video Compression Manager, for Windows Media Video 9. This release should allow different video editors (tested on VirtualDub and Adobe Premiere 6.5) to read Windows Media Video codec. VCM has pretty simple interface, which will easily let you change encoding parameters.
This Video Compression Manager (VCM) based version of the Windows Media Video 9 encoder/decoder will enable legacy encoding and editing applications to support the Windows Media Video 9 codec in file containers such as AVI.
The Windows Media Audio and Video 9 Series codecs offer the best experience when delivered using the ASF file container. To offer the flexibility our customers have asked for, new licensing terms allow for these codecs to be used in other file containers as well.