Hauppauge Capturing

So I finally got my FiOS internet installed and figured now was good time to purchase a Hauppauge PVR to record some of my gaming for YouTube and streaming to websites like justin.tv 
Took a little time to figure out the right settings for my Xbox but the quality of the video is amazing.  Below is the picture of the box and a video of my brother and I playing Super Puzzle Fighter over XBL, I'm on the left. Only 3 mins but file size was 243MB.  If anyone knows any good settings for a smaller file size without compromising the video quality too much I would greater appreciate it. 
P.S. Today was my first day back on my Xbox in 6 months due to a E74 error hence the crappy gameplay.

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