What's the best possible quality render settings for YouTube Videos?

I've watched some tutorials and some say that YT compresses a video's bitrate to 5M bps if the video is rendered as 720p and is compressed to 10M bps if the video is render as

Is two-pass a good choice in order to get top-notch quality on videos recorded with Fraps?

& also, I'm stuck between either using wmv or main concept .mp4 to get better quality. Which one is better? I don't choose to go w/ AVI because it practically eats up my hard drive.

Deeply appreciated if you'd help me.

-Thanks ^^