The Pi can do h264 in hardware, though it can be tricky to find
software/plugins that can use it. Gstreamer does. I’ve had trouble trying
to stream h264 from anything though. Anyway, it probably could do two at
low res or fps, but only in hardware, if that can be done simultaneously.
You might be more limited by what you want to do with it - storage?
Streaming?
As far as I know the Raspberry Pi’s h.264 hardware is only to decode, not encode.
I can’t recall his name but one of our newer members (even newer than me) has made a Raspberry Pi event camera for his car, using 2 high-end webcams with built-in h.264 compression. This way it can just dump the data straight to the SD card, but also display a raw stream on screen.
Nope it does encode too through openMAX. I think the gstreamer plugin was
called omx-h264 or something.
The pi camera app uses it internally too, but since the hardware camera was
released you can’t use it with any other camera