gg subs with extra typesetting and QC, retimed to a BS11 encode. Episode 2 is currently at TS/QC and should be out within a day or so; if you want just the encode, you know where to find it.
[DDL](http://torchlight.aoi-chan.com/) / XDCC: /msg encodefag xdcc send packnumber
BS11 suffers from detail loss in low-motion scenes, and it's not particularly difficult to cherrypick frames where the BS11 broadcast (even without further lossy recompression) looks worse than MX. On the other hand, the detail loss stands out far less than MX's severe mosquito noise issues. MBS doesn't suffer from said detail loss, but breaks down a bit harder than BS11 at scene changes and in high-motion scenes.
It's (probably) possible to merge multiple sources to get a better result without much manual effort, but this slows down the encode considerably and I don't need extra heating in my room.
tl;dr: MPEG-2 broadcasts are terrible and it's all HG's fault for not letting this show be simulcast.