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Drop one OGV or two hundred. Batch conversion is not a paid feature here.
A video from Wikipedia, an open source project or an academic archive is an OGV that most players ignore.
Theora video and Vorbis audio are decoded and re-encoded to H.264 and AAC. This is always a full transcode, since nothing in the source is compatible with MP4.
Theora is roughly as efficient as MPEG-4 Part 2, a generation behind H.264, so the conversion can actually produce a smaller file at the same visual quality. That is unusual, and it is why re-encoding here costs less than it sounds.
Both are patent-free. Wikimedia will not host media in formats that require licensing.
If it is going on the web, yes. VP9 in WEBM is more efficient and browsers support it universally.
Drop one OGV or two hundred. Batch conversion is not a paid feature here.
MPEG-4 Video is lossy, so the quality control decides the trade between size and fidelity.
Instant, because the file never went anywhere. Nothing expires, since nothing was stored.