well, i guess it depends on your desired output medium.
if you're going for internet distribution then h.264 (mpeg 4) will give you excellent quality and small file size.
For dvd you'd be looking at mpeg 2.
DV pal will work fine if you're going out to tape (dvcam, mini dv or vhs) but it is 5:1 compression.
and if you want it to play anything, anywhere then you're stuck with mpeg 1, which can be pretty decent with some prodding.
To get to these formats, either run your rendered footage back through afx, load it up in quicktime or get something like pro coder, or compressor on the mac.
most codecs have variable bit rates, the higher the bitrate, the better the quality, don't slide them up to far 'cause there are limits.