CCE SP2 whatever version is an excellent encoder. If you want some comparisons. Take a look at this thread and you will see the results. CCE is also the fastest of the encoders and does well with movies that have action in them, you get a crisp picture. Procoder2 is better for slower action pictures, IMO. http://forums.afterdawn.com/thread_view.cfm/343299
I tried SP2 1.0, it got an exactly updated interface and features from SP 2.7.... It is highly possible that they rewrite the code start from the scratch to replace the old SP series. ProCode usually will soft the image a bit but done a really good job on DV footage and interlaced source because that's one of the hardest to encoding, masking the noise and artifact is necessary, way different with Film DVD. CCE is good to go with clean source with ultra fine detail.