Personally, I never use the export option simply because rendering provides more options. If you want the best quality possible and the smallest file size, I would do the following:
1. Render out to half resolution. Most online videos are not full size anyway, and would choke average computers.
2. Render to MPEG-4 or H.264, and experiment with bitrate settings. Somewhere around 800Kbps is a good starting point, and is a good tradeoff between quality and size.
3. Do not render out to 29.97fps. Almost all online videos are 15fps, and I assure you it looks just as good, but cuts your file size in half. You would think the motion would be affected by cutting frame rate in half, but it looks fine every time.
I would also consider a better workflow – render out to an uncompressed/lossless format like the Quicktime Animation Codec, and then use a third party app for your web compression. They almost always do a better job than After Effects at compression, resulting in better quality and smaller files. On the PC there is a little app called Super that is free and encodes to a wide variety of codecs.
https://www.erightsoft.com/S6Kg1.html
I would also consider compressing to flash video. It is similar to h.264 in terms of quality vs. file size, and something like 98% of web users (both mac and PC) have the flash player installed so you get around compatibility issues. Again, there is a free encoder for PCs called Riva Encoder that does a great job.
https://www.download.com/Riva-FLV-Encoder/3000-2140-10320097.html?part=dl-RivaFLVEn&subj=dl&tag=button