OGV does not play on iPhones, in Safari or in most editors. WebM is royalty-free and well suited to embedding in web pages. An OGV file usually holds Theora video with Vorbis audio. OGV is at home in open-licensed video on Wikipedia and Linux; WebM is the usual choice for royalty-free video on websites.
The defaults suit most files. Under Options you can lower the resolution, trade quality against file size, remove the sound and trim the start and end. This is demanding work for a browser: a long or high-resolution file can take several minutes, and your device does all of it, so keep the tab open.
This pair uses the compatibility engine, ffmpeg built for the browser, because OGV is not handled by the browser's built-in codecs. It is a one-off download of about 10 MB that the browser keeps, it is slower than the built-in codecs, and it takes files up to 1 GB.