Conversion is done using jBinary binary manipulation library with programmatically described data structures according to ISO 13818-1, ISO-14496-2, ISO-14496-12 and ITU-T H.222.0 specifications.
Works best in Chrome (stable branch), having more noticable lags when switching videos but still working in latest Firefox versions and IE10+.
Check out http://rreverser.github.io/mpegts/ for live demo.
Please note that demo uses 3rd-party HLS demo source and service http://www.corsproxy.com/ for proxying it with needed Cross-Origin-Request headers for browsers to allow chunk downloading, so it may be unstable.
It's regular MIT license.