WAV is uncompressed, about 10 MB per minute in stereo at CD quality, which is too big to email and slow to upload. An MP3 of the same recording is roughly a tenth of that. MP3 is lossy; for listening the difference is inaudible to most people at 192 kbps and above, but keep the WAV if you will edit the audio again.
The defaults suit most files. Under Options you can choose the bitrate and trim the start and end.
The conversion uses your browser's own video and audio codecs (WebCodecs), with hardware acceleration where the device has it; the file is read from disk as it goes and can be up to 2 GB. Where the browser lacks a codec, the page falls back to the compatibility engine. MP3 is written at 192 kbps unless you choose another bitrate.