[Q] Acer Liquid - Best Cam Corder Settings?

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I know there has been much discussion with settings for the camera but I haven't found anything helpful in regards to camcorder settings.
I tried to record part of a concert last night and the video and the sound were horrible. Also tried a few videos in daylight and the results were less than stellar.

1st what is the best resolution? I heard using the 720p compresses the file too much so WVGA, VGA, CIF or QVGA?
2nd what is best encoding type? H.263 or MPEG4?
Flicker adjustment? Auto, 50Hz or 60Hz?
I guess I could play around with the settings for awhile but figured why reinvent the wheel if someone has success with settings they are using.

Any help would be appreciated