All the presets for web destinations now default to an .mp4 format that consists of an MPEG-4 AVC (H.264 AAC) file coupled with a Flash player. That means you get HD-quality; the smallest file size possible; and ubiquitous playback, on any platform, within any Flash-enabled browser.
In addition to the benefits listed above, the MPEG-4 format simplifies the production process because you no longer need to research the strengths and weaknesses of various codecs before choosing a format.
At the same time, many other formats—including FLV—are still available for those who need them.
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