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Whoever posted that video made it using a pre-release version and shouldn't have posted a video capture from that. That menu item doesn't exist in After Effects CS4.
That said, the Adobe Media Encoder can now also be used as a standalone application. Even better, if you have Production Premium (or Master Collection) you can open After Effects compositions directly in AME using Dynamic Link. This means AME can be encoding AE compositions while you keep working in After Effects. Of course, if you're not using a multi-core machine with a ton of RAM you are not going to have a smooth experience :)
Adolfo Rozenfeld - Adobe
Yepp, as Adolfo said - this feature has been removed from the retail version and the marketing materials haven't been updated to reflect that change.
cheers for the info!