You have to decide what quality you want to have for the stream. This depends largely on what the quality of the input signal is.
You can also decide if you want to record your livestream. Recording is only available if you do an event of type go-live-now or a scheduled event. 24x7 events are not possible to record since they are too long.
For more information about the different use cases you can read our blog entry introducing our livestreaming.