You could also use MPEG Streamclip or QuickTime Pro (if you're willing to pay the Jobs a few dollars for a license key).

You'll need to look up the upload requirements for the site you plan on uploading to, then start selecting an appropriate codec, bit rate, frame rate, etc. until you can get a final rendered file smaller than the allowed maximum. If you don't anticipate needing to edit, you can always encode to Flash.
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Q: How do I condense and reduce the file size for an MPEG-4 video shot on The Flip?

A.1) If the file is less than 200 megs, which yours is, and if you have and can afford the bandwidth, then the QAD method used by a few I know is a free online utility that converts mp4's etc. through a browser without installing any local software at http://media-convert.com/

In the browser you give it a path to the mp4 on your computer (mac or pc) and fill in some form fields telling how to render the resulting, converted image, i.e. frame rate, encoding type, frame size, etc. Playing with those options is how you shrink the resulting file.

Just make sure your video doesn't have content that's illegal or that you'd want to keep uber-private. Also, it's buggy when working with .swf and .pdf files.

That's probably enough for your situation.

A.2) If you don't have the bandwidth, or if in the future you have a file larger than 200 megs, then what a lot of people do is download VLC, which is a free, open source project for both mac and pc, which was primarily intended to be used as a player, but one of the options is to convert an input file into a different encoding under Media->Convert->Convert/Save, and it lets you fiddle with the resampling rate, and frame size, etc. such that in effect it's converting *and* shrinking the media file at the same time (they originally added that feature for inserting subtitles, but right away people saw other ways to use it, and so, being open source, enhansements to that feature expanded quickly).
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