Its a custom setting, 352x480 set to 4000 bitrate, audio set to 48k. I wouldn't use the good, better, best, but use the custom instead. As far as MPEG settings go, standard device settings apply. (I don't have my ATI600 with me atm to give you a better answer, trying to go off memory.)
If you can take some screen samples I can try and help you out a bit more.