I ended up going with the dual Xeon/Tesla option. 2x Xeon E5-2687W and a Tesla K20c. Handles video encoding very well and is smoking fast.
The Intel Quick Sync Video is much more efficient and would be a great option if only more encoding software was able to use it. If I were on a tighter budget I would probably have gone with the i7 w/ QSV and spent more effort on finding compatible software for all of my output needs. Thanks all for the replies.