What is the best Codecs @ 1-1.5MB/s for 720p(30p)?

[zggame]

I have an Olympus e-p1 camera shooting 720p video at 30 frame/sec (PCM stereo audio 44.1khz). It can records for MJpeg for about 3.9MB/s which is very large for my HD. I have been off the forum for a few years and my memory stopped at xvid time. But I am OK with tools like virtualDub. So what would be the best codecs for archive it at about 1-1.5MB/sec. The audio is probably going to be neroaudio mp4 192K/sec. I have an OK computer and do not have too many footage. So the encoding time would not be a concern for me. Please advise or point me to the proper place to read. Thanks. :thanks:

[manono]

Closed for rules violation, asking 'what's best'.

http://forum.doom9.org/forum-rules.htm

Read them carefully so you don't break the rules again. You get a break (no strikes) because you're new here.