Xangold posted to Twitter last week about new transcode options for non-partnered streamers. Just a few minutes ago Twitch posted the official announcement that they have added significant server capacity to their transcode infrastructure.
Twitch now provides transcodes for high, medium, and low quality options on their most popular channels. Lets say, your Twitch channel receives a lot of views but has yet to be partnered, if you fit into the most popular channel category, you will receive transcodes so your viewers can watch the best possible quality of your stream. For the full announcement head over to the Twitch Blog.