m2psd MPEG 2 Program Stream Demultiplexer, release 0.11:

I added an option to output Packetized Elementary Streams (PES) instead of Elementary Streams (ES). This may be useful when it is desired to retain the presentation time stamps, necessary to maintain audio/video synchronization.

Not many programs seem to support PES streams, which I suppose is not completely surprising since they aren’t officially standardized. mplayer can play PES video streams, but I haven’t yet found any way to play a PES audio stream.

Next I need to either write a program stream multiplexer than can accept PES streams as input, or add that capability to mplex (part of the MJPEG Tools package). This will make mastering DVDs from recorded MPEG streams work much better.