I have never used AME and I'm assuming it does EVERYTHING. But I can't find the preset for these 2 common formats? I have a 1GB mov from istockphoto, and I need to convert to both mp4 and webm for a widget in Muse. Also, any advice on file size so it plays quickly/smoothly?
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MP4 is most likely using the H.264 codec which Media Encoder natively has.
For WEBM, you can download this free plugin: WebM for Premiere
As for filesize, that depends on what you'll be doing with the files. Start with a bitrate of 5 mbps and adjust up or down depending on your needs.