These are the settings I use, I'll go through each tab one by one. This is for Sony Vegas Pro by the way. I find that this gives a good quality/filesize ratio for uploading to youtube.
Project:
Video Rendering Quality - Good
Audio:
Mode - CBR
Format - Windows Media Audio 9.2
Attributes - 96 kbps, 48 kHz, stereo (A/V) CBR
Video:
Mode - Quality VBR
Format - Windows Media Video 9
Image Size - DVD quality (640x480)
Pixel Aspect Ratio - 1.000 (square)
Framerate - 29.97 (NTSC)
Seconds per Keyframe - 3 (4 is also good)
Quality - 79%
You can leave the last 2 tabs.