On the Android client you can hit up while a file is playing and it will report on the audio and video streams and tell you weather its trancoding or direct playing etc.
Is there any way to see this info easily in Plexconnect?
If not, I would officially like to request it if possible.
I am pretty sure PlexConnect doesn't really know about this in detail.
We know that we "direct play" - ie ship the file to aTV as is - or request the transcoder to do its magic. But in the later case it is out of PlexConnect's hands, if it will do a full transcode or "just" a remuxing - aka. "direct stream".
There might be a transcoder endpoint to get that type of information... currently I have no idea.