The following review written by one of the Software Informer contributors applies to version 3.1
SPEEDbit Video Downloader installs as a browser extension to help you download video. In addition, it includes a standalone application, whose purpose is to convert the format of the downloaded files. The program is very easy to use because it monitors any video that is displayed on your browser and offers to download it for you. Thus, it can automatically strip the real video URL. Moreover, the program has a browser toolbar that supports searching by keywords. Unfortunately, I could not find a way to start a new download by manually providing the program with a URL.
The built-in converter can help you re-encode the downloaded videos to other popular formats. Unfortunately, it has an unattractive interface and does not allow you to customize output profiles.
In general, it seems to me that SPEEDbit Video Downloader is no match for similar software. It could have certainly been a sensation some years ago, but now it is too limited and does not meet the needs of most users in relation to video downloading and converting.