Compression for the Web: HUGE Videos

I have to compress videos for the web that are rather large in dimensions and very long -- 1.5+ HOURS each.

It's a webcast.

I usually edit small clips for the web (small dimensionally and lengthwise), so this is quite a challenge.

Any suggestions? FLV was initially requested, but some have suggested using an h.264 format, mp4 or even f4v.

I'll take any suggestions. Unlike normal videos, these contain business charts and small text, so they MUST be crisp.

Thanks in advance!