From the videos I've seen, MP4 comes out much better than WMV. Particularly important is that MP4 seems to do better with still screens and text like in the real-time and score displays.
I used
VirtualDub to record the video in maximum-quality MPEG (using .avi as a container). Each match was 200-300 Mb. I also recorded a couple seconds of the score and appended that to the match. This took ~1 minute per match with VirtualDub. There's probably a faster way to do it, but it worked.
Then I switched to Linux and converted the video with ffmpeg. (It turns out that many free format converters are really just GUIs for ffmpeg. I prefer to go straight to the original. ;-) )
Code:
ffmpeg -i ok_045.avi -deinterlace -b 1024k ok_045.mp4
The conversion was pretty fast. ffmpeg was able to convert a match in about 1 minute, and I was able to run two in parallel on my dual-core processor. With this system, I was able to get all the matches up the same day they were played.