New release:
[MiniTheatre] Eve no Jikan 3 (40mb X264)

As the name suggests, it's probably got a really low bitrate, resolution, or both. Then again, it could look fine, since I've re-encoded the Pireze episodes to .mp4 at around the 50MB mark with not visual loss in quality.

I'll most likely download both this and Pireze's episode 3 and make a comparison.