1. A computer program product comprising one or more computer-readable media having thereon computer-executable instructions that, when executed by one or more processors of a computing system, causes the computing system to perform a method for dynamically transcoding media content to be presented on a client presentation system, the method comprising: an act of receiving a request for media content to be delivered to a client presentation system; after receiving the request, an act of identifying transcoding parameters to be applied to the requested media content prior to delivery to the client presentation system; an act of transcoding the requested media content in accordance with the identified transcoding parameters; an act of causing the transcoded media content to be delivered to the client presentation system; and an act of caching the transcoded media content.