3.8 GB of space is good for 74 minutes of good-quality 720p video off my phone. 7 Mbps is a lot for 720p. My phone defaults to 14 Mbps, which is just overkill and saps the storage real fast.
Needless to say, I set the quality to 7 megs, and saved it.
MPEG-4, how does it work?