I would think it would be difficult to create something that converts from all those different formats "on the fly".
If having things in a widely supported format is important to you then probably your best bet is to just pick the format which is supported by all the most common players and request that people upload in that format eg mp3 for audio, mpeg for video and jpeg for images (bmp creates large files and isn't supported by most browsers without a plugin)
As far as i can remember, converting vidoes into flash gives quite large file sizes as its intended as an animation format. Someone correct me if i'm wrong.
Hope that helps



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