I'm not aware of any MPEG4 hardware-based accelerators, however judging by the popularity of the format, it probably won't be long before we see them. I'm speaking a little outside of my area of experience, so there may already be some fringe hardware decoders on the market. I do know some are in the works. The only difficulty, I presume, is the variety of MPEG4 formats...software can deal with them readily but it's a little more complicated when designing hardware. [edit] Then there's the consideration that MPEG4 is under a constant state of flux, many people are working on improving the codecs and introducing new variants. Assuming any of these become successful, it could instantly render hardware decoders obsolete. If hardware designers are smart (and they most certainly are), they'll make some sort of provision for firmware updating to keep with the state-of-the-art. [/edit] But with clock rates steadily growing as they are, I'm not sure if the CPU utilization is a real issue.
If you're encoding MPEG4 from an MPEG2 source such as DVD, hardware decoding can help assuming you can integrate it into the encoding chain.
Best regards,
Floyd