When choosing between the MP4, MOV, FLV, WMV and AVI containers, MP4 is the best option.
Use MP4 with H.264 video codec and the AAC audio codec, for best compatibility and compressing your video.
H.264 video is supported by most players, browsers, plugins and devices available. It offers one of the best algorithms for compressing your video and being freely available.
I would recommend using VLC for playing your video and audit files.
For re-encoding video files I highly recommend HandBrake
Matrix of Best Video Output
|320×240 pixels||400 kbps||3MB / minute|
|480×270 pixels||700 kbps||5MB / minute|
|1024 x 576 pixels||1500 kbps||11MB / minute|
|1280×720 pixels||2500 kbps||19MB / minute|
|1920×1080 pixels||4000 kbps||30MB / minute|
Samplerate of 48 kHz for most of your videos or 22 kHZ if you are recording simple speech. Anything below 22.05 kHz will begin to degrade and distort low volume sounds such as breathing to the point where it is noticeable.
Bitrate In the end you will probably be looking at 96 – 164kbps for a stereo music tracks. If you are once again dealing with speech only tracks you can probably even get comprehensible sound as low as 16 – 24 kbps.