Quote:
Originally Posted by mikesouth
there is no typical file size file size depends on bit rate and profile
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This. Also you should probably use crf and a max bitrate and buffer size. crf=18 is about where no human can usually tell the difference. crf=21 is usally a good balance and most cannot see a difference. Crf=23 is usually around as high as you want to go without degrading quality too much. I believe every four steps down on the crf factor doubles the bitrate.
Set the max bit rate to be no more than 80% of the target bandwidth the customers you are targeting will have. For the buffer usually 1.5-2.0 times the max bitrate is a good bet.
http://ffmpeg.org/trac/ffmpeg/wiki/x264EncodingGuide