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Video encoding works fine using VAAPI with their open source driver. Sadly there are lots of programs that don't implement VAAPI.

How does it compare with intel's quick sync video in terms of performance and supported codecs?

I can't say much on performance, though from what I've read online, AMD's video encoding engine is usually branded as the worst of the three.

Supported codecs depend on what generation of video decoder your graphics card contains. See these two comparison tables.