[MEncoder-users] Best options for H.264

[GeBu]

Hi,
I would like to compress my videos from Linux conference. I would like
to use H.264 (MPEG-4 AVC) format.
Is here anybody who have some good options for mencoder for this reason?
Source is DV video from camera. FullPAL 720x576.
I would like compress 1 hour video to approximately 500, 600, 700 MiB.
What do You think about it?
It is conference. Not so much movement, but on there are details (data
projector).
I can use multipass. Process time is not problem.
Some ideas?
Jirka (GeBu)