What is the best format to convert videos to For Smallest File Size?

What is the best format to convert videos to For Smallest File Size and be able to upload to youtube?

 

DivX video encoder can really compress the size and keep most of the quality, however one problem is, is that it leaves a watermark, a small, pretty transparent watermark, but still, if you can't stand small watermarks, then you can just change the Bit Rate to maybe 700 if you want low quality but decent quality.

Code:

http://www.divx.com

 

Is it a good idea to upload .FLV files to youtube as long as you rehash/rename the video?
or are .FLV more likely to get catch by youtube?

 

i would convert first then they will think its your video. mpg or mp4 is always good

 

when converting a video you have to first pick a format like .mpg or mp4

then what about the other options? like the encoding and other stuff?

say if i have a 4MB .FLV file and now i convert to .mpg, it will be triple in size?

what other things can you do to have the file size small?

I need to keep the file size low but still have decent quality.

so would it be a good idea to first convert to .mpg then after im done editing the audio/video then i should convert it back to .flv? or the .mpg file size will still be small?