The transcoding is the process of taking all the video and audio data, running it through a CODEC, and building the structure needed to play on DVD.
It is a very CPU intensive process.
The amount of time will be driven by the speed of the CPU, and the CODEC used. The Pinnacle MPEG2 CODEC is a pretty good CODEC and reasonably fast. It uses a fixed bit-rate stream.
If you movies do not have a lot of high speed action in them, you can usually get away with using the default rate, but if you have a lot of high speed action, manually adjust the bit-rate to, at least, 8.
Canopus also has a pretty good MPEG2 CODEC, and it uses variable bit-rates.
Pinnacle's software is pretty finicky about the hardware and can go bonkers on you without notice, but once you get used to what you can and cannot do, it is ok.