I wasn't able to get my friends together for shooting in time :/ Sucks cause the concept has been standing since FIVE was released literally. I'll just enjoy the videos in the contest then and shoot mine sometime later
A bit late for that, but:
If you want to convert your files to smaller sizes without affecting video quality too much I suggest converting to a H264 format(it's the leading format in distribution of small files with good qualities, .avi(especially DivX and XVid, horrible formats, generally gets you bad quality in small filesizes, as does .mpg so I would never suggest those, they are outdated formats), that can be .mp4, .mov or .mkv for example. And putting the resolution to SD should be the best way to leave enough quality and stay below 100mb.(Set the audio to mp3 128bit/s stereo, that can save you another 3-30MB) Handbrake and XMedia Recode(both free) are very good programs for that process.