Vegas rendering configuration tutorial (New update coming soon!)

Awesome topic!

Anyway, I've been using "Internet HD 720p" rendering option, and set to default, it makes rather large files. 1.5 GB for a 30 min video. Can I get it down without loosing (much) quality? I've seen other 720p mp4 files that are way smaller and with same crisp quality (rendered in Camtasia, for example).

Bitrate is variable, and max bps is set to 16.000.000 and average is set to 8.000.000. Is that what I should reduce?
 
I render in 1080p only because that's what mostly everyone else render at...especially some of the larger channels. Matter of fact, some people are moving to 1080p60fps with the recently released Elgato which records in 60fps. Even though Youtube will drop that of course, it still looks awesome even at 720p60fps. I think if you have a editing computer that can handle the rendering it won't take that long. Right now it takes my computer forever but I'm a quality freak trying to keep up with the Joneses. HOWEVER I don't have an editing computer and my rig is dated now as it was built in 2011. 2015 will be the year I upgrade and I'm already planning on dropping $2,000 on a whole new rig. 1440p quality with 16 GB of RAM for editing purposes on top of everything else.
 
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