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Best practices are always to capture at the highest qualities possible. You can always compress and reduce file size/quality, but you can't go back and increase quality without re-shooting the entire event.
If you are going to post to the web, most are fine with MiniDV (can be SD or HD), flash drive camera (can be SD or HD). For higher quality, use DVCAM tapes (can be SD or HD), or XDCAM EX HQ for the best capture quality.
Archival:
Video: The best quality possible. At this time, the standard that AMPS is using is a Motion JPEG 2000 capture. The next level is an HQ XDCAM EX format (Full 1080p30).
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