FFMPEG X264 encode

ffmpeg -i MyMovie.mkv -vf scale=-1:720 -c:v libx264 -crf 0 -preset veryslow -c:a copy MyMovie_720p.mkv

ffmpeg -i MyMovie.mkv -vf scale=-1:720 -c:v libx264 -crf 18 -preset veryslow -c:a copy MyMovie_720p.mkv

The range of the quantizer scale is 0-51: where 0 is lossless, 23 is default, and 51 is worst possible. A lower value is a higher quality and a subjectively sane range is 18-28. Consider 18 to be visually lossless or nearly so: it should look the same or nearly the same as the input but it isn't technically lossless.

The range is exponential, so increasing the CRF value +6 is roughly half the bitrate while -6 is roughly twice the bitrate. General usage is to choose the highest CRF value that still provides an acceptable quality. If the output looks good, then try a higher value and if it looks bad then choose a lower value.