Digital video consists of separate video and audio bitstreams. Each bitstream is encoded and decoded using an appropriate codec algorithm and wrapped into a 'wrapper' (or container) file format. This 'wrapper' will also contain technical metadata and, possibly, some descriptive metadata also.
When creating digital video it is important to note that the choice of frame size (resolution), aspect ratio, sampling rate, bit depth and frame rate, as well as the selection of compressed (lossy or lossless) or uncompressed codecs and wrapper file formats, all play a part in determining the quality of the video. Focussing on your end requirements will help you to make a decision on the quality of video needed.
Unfortunately, there is no one agreed standard for digital video. Ideally video would be stored uncompressed but it is recognised that some form of compression (lossless or lossy) will be required when producing digital video. If you are likely to deposit with an archive such as the Modern Records Centre then, as a general rule, the higher quality the better.