Depends on what sort of output you want and how you're going to play & view it. Also, do you want best quality no matter what regardless of file size? Or do you need to keep the file size small enough for whatever purpose you're going to?
Many of us render an H264 (MP4) in Handbrake with impressive results. Our friend musicvid10 did much research on this and posted an excellent detailed tutorial with 'good', 'better', 'best' workflows. .