To start recognizing which video format is the right one for the device, medium or platform you want to use, it helps to be familiar with the pros and cons of each format.

MPEG is one of the most common video formats, and it's supported by nearly all devices. However, videos encoded in this format require a lot of storage space, and there's no support provided for HD footage. MPEG videos are also generally of lower quality than other formats.

AVI is supported by all DVD players. It's also very popular, since it's the preferred recording format for many cameras. The downside to AVI, however, is that it requires a lot of storage space.

The latest and greatest format out there right now is MPEG4 (also known as MP4). Not only does MP4 support HD picture quality, but it also requires comparatively little storage space. This means you get small file sizes coupled with high video resolutions. But it also requires better computer performance. MP4s are also ideal for use on websites.

FLV and WMV are also good for online videos, since the video's original quality is retained. Of course, there are a bunch of other formats which can be used for this as well, such as MOV, RM and SWF, but these aren't particularly popular since they offer less flexibility than the formats mentioned above.