I was wondering of wmv, mp4 (with h.264 encode), and AVI, which has a better size to quality ratio. I want good quality, but I don't want the videos to be too big. Also, if you have a better format suggestion let me know.
Best flv can offer is VP62 which isn't even On2's current codec. Also I think you are stuck with mp3 audio. mp3 is fine ~128k and up for low bitrates you would want to go with aac or vorbis though. For web use flv is probably the best balance between compatibity and compression, but pure size to quality ratio I wouldn't rate it high.
x264, i always use asp q2 equivalent profile, that is q18. and vorbis audio. just keep the audio in its original for 5.1, he-aac sounds crappy for voices, maybe go with higher bitrate lc-aac