deepsiks, I think the crf of 16 is way to much. I don't think you will see any improvement in quality, but you will get a much higher bit rate and large file size. From all the tests I have run I think going any lower then 19 just makes for a bigger file/higher bit rate with no improvement. I have also stopped using no-fast-pskip as I have found that on some encodes lately it has actually hurt the quality in flat areas/blue sky. By the way no-fast-pskip is a x264 option so you have to put it with the rest of the options after the "-x".
Here is what I have been using lately. It is really dynaflash's setting with the addition of trellis. I have been very happy with the results.
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-q 21.0 -x ref=3:mixed-refs=1:bframes=3:me=hex:subq=7:b-adapt=2:8x8dct=1:weightb=0:trellis=1:cabac=1
Yes I know that the string above is over kill (a lot of x264 default settings already) but I find I play with the settings in the string the most. Next I am going to start encoding with weightb on to see if it kills the Apple tv. As always, test, test, test and let your eyes be the judge.