Techcrunch reports that MySpace, the world’s largest social networking site is launching mobile video on their mobile site, m.myspace.com. It uses a special transcoding service from RipCode to transcode the videos to the appropriate resolution and codec for each particular device as needed. It’s a pretty cool technology.

YouTube apparently has had a similar service in place at m.youtube.com for quite some time, but given the massive size of MySpace and their huge mobile presence, this a big step in taking online video mobile. This will work on the iPhone, T-Mobile G1, BlackBerry Bold and BlackBerry Storm devices, among others. MySpace’s mobile site manages to get around 3 billion monthly page views from 10 million users. My guess is either MySpace or Facebook are the most popular mobile websites out there, but I can’t verify that for sure.