video/filters/resize set to 320x240 (320x172 for widescreen)
video/frame rate/decimate by 2
video/compression/XviD with 192 kbps, 1 pass cbr
audio/full processing mode
audio/conversion/44100hz, high quality checked
audio compression/mp3 codec: check "show all formats" 4KB/s 22,050Hz mono
That should be it... don't think I forgot anything