Best way to compress video files

[danhodkinson]

hi all, i had an mpeg video that was about 200-250mb in size and i did a slight bit of editing to add a jpeg onto the end of it and a few other bits and bobs and when converting to movie it has gone up to over 400mb in size.
any idea which is the best compression technique, (i am using premiere pro)
thanks
dan

[mmace]

what resolution is the original?
what resolution do you want it?
what will you be playing it back with?
how bothered are you about artefacting/macroblocking?
was the original MPEG1, MPEG2 or MP4?