[Android Q&A, Help & Troubleshooting] CoffeeCone:
Here's my media_profiles.xml:

<?xml version="1.0" encoding="utf-8"?>
<!-- Copyright (C) 2010 The Android Open Source Project
Copyright (C) 2010, 2011, 2012 Sony Ericsson Mobile Communications AB

Licensed under the Apache License, Version 2.0 (the "License");
you may not use this file except in compliance with the License.
You may obtain a copy of the License at

http://www.apache.org/licenses/LICENSE-2.0

Unless required by applicable law or agreed to in writing, software
distributed under the License is distributed on an "AS IS" BASIS,
WITHOUT WARRANTIES OR CONDITIONS OF ANY KIND, either express or implied.
See the License for the specific language governing permissions and
limitations under the License.

NOTE: This file has been modified by Sony Ericsson Mobile Communications AB.
Modifications are licensed under the License.
-->
<!DOCTYPE MediaSettings [
<!ELEMENT MediaSettings (CamcorderProfiles,
EncoderOutputFileFormat+,
VideoEncoderCap+,
AudioEncoderCap+,
VideoDecoderCap,
AudioDecoderCap)>
<!ELEMENT CamcorderProfiles (EncoderProfile+, ImageEncoding+, ImageDecoding, Camera)>
<!ELEMENT EncoderProfile (Video, Audio)>
<!ATTLIST EncoderProfile quality (high|low) #REQUIRED>
<!ATTLIST EncoderProfile fileFormat (mp4|3gp) #REQUIRED>
<!ATTLIST EncoderProfile duration (30|60) #REQUIRED>
<!ATTLIST EncoderProfile cameraId (0|1) #REQUIRED>
<!ELEMENT Video EMPTY>
<!ATTLIST Video codec (h264|h263|m4v) #REQUIRED>
<!ATTLIST Video bitRate CDATA #REQUIRED>
<!ATTLIST Video width CDATA #REQUIRED>
<!ATTLIST Video height CDATA #REQUIRED>
<!ATTLIST Video frameRate CDATA #REQUIRED>
<!ELEMENT Audio EMPTY>
<!ATTLIST Audio codec (amrnb|amrwb|aac) #REQUIRED>
<!ATTLIST Audio bitRate CDATA #REQUIRED>
<!ATTLIST Audio sampleRate CDATA #REQUIRED>
<!ATTLIST Audio channels (1|2) #REQUIRED>
<!ELEMENT ImageEncoding EMPTY>
<!ATTLIST ImageEncoding quality (90|80|70|60|50|40) #REQUIRED>
<!ELEMENT ImageDecoding EMPTY>
<!ATTLIST ImageDecoding memCap CDATA #REQUIRED>
<!ELEMENT Camera EMPTY>
<!ATTLIST Camera previewFrameRate CDATA #REQUIRED>
<!ELEMENT EncoderOutputFileFormat EMPTY>
<!ATTLIST EncoderOutputFileFormat name (mp4|3gp) #REQUIRED>
<!ELEMENT VideoEncoderCap EMPTY>
<!ATTLIST VideoEncoderCap name (h264|h263|m4v|wmv) #REQUIRED>
<!ATTLIST VideoEncoderCap enabled (true|false) #REQUIRED>
<!ATTLIST VideoEncoderCap minBitRate CDATA #REQUIRED>
<!ATTLIST VideoEncoderCap maxBitRate CDATA #REQUIRED>
<!ATTLIST VideoEncoderCap minFrameWidth CDATA #REQUIRED>
<!ATTLIST VideoEncoderCap maxFrameWidth CDATA #REQUIRED>
<!ATTLIST VideoEncoderCap minFrameHeight CDATA #REQUIRED>
<!ATTLIST VideoEncoderCap maxFrameHeight CDATA #REQUIRED>
<!ATTLIST VideoEncoderCap minFrameRate CDATA #REQUIRED>
<!ATTLIST VideoEncoderCap maxFrameRate CDATA #REQUIRED>
<!ELEMENT AudioEncoderCap EMPTY>
<!ATTLIST AudioEncoderCap name (amrnb|amrwb|aac|wma) #REQUIRED>
<!ATTLIST AudioEncoderCap enabled (true|false) #REQUIRED>
<!ATTLIST AudioEncoderCap minBitRate CDATA #REQUIRED>
<!ATTLIST AudioEncoderCap maxBitRate CDATA #REQUIRED>
<!ATTLIST AudioEncoderCap minSampleRate CDATA #REQUIRED>
<!ATTLIST AudioEncoderCap maxSampleRate CDATA #REQUIRED>
<!ATTLIST AudioEncoderCap minChannels (1|2) #REQUIRED>
<!ATTLIST AudioEncoderCap maxChannels (1|2) #REQUIRED>
<!ELEMENT VideoDecoderCap EMPTY>
<!ATTLIST VideoDecoderCap name (wmv) #REQUIRED>
<!ATTLIST VideoDecoderCap enabled (true|false) #REQUIRED>
<!ELEMENT AudioDecoderCap EMPTY>
<!ATTLIST AudioDecoderCap name (wma) #REQUIRED>
<!ATTLIST AudioDecoderCap enabled (true|false) #REQUIRED>
<!ELEMENT VideoEditorCap EMPTY>
<!ATTLIST VideoEditorCap maxInputFrameWidth CDATA #REQUIRED>
<!ATTLIST VideoEditorCap maxInputFrameHeight CDATA #REQUIRED>
<!ATTLIST VideoEditorCap maxOutputFrameWidth CDATA #REQUIRED>
<!ATTLIST VideoEditorCap maxOutputFrameHeight CDATA #REQUIRED>
<!ATTLIST VideoEditorCap maxPrefetchYUVFrames CDATA #REQUIRED>
<!ELEMENT ExportVideoProfile EMPTY>
<!ATTLIST ExportVideoProfile name (h264|h263|m4v) #REQUIRED>
<!ATTLIST ExportVideoProfile profile CDATA #REQUIRED>
<!ATTLIST ExportVideoProfile level CDATA #REQUIRED>
]>
<!--
This file is used to declare the multimedia profiles and capabilities
on an android-powered device.
-->
<MediaSettings>
<!-- Each camcorder profile defines a set of predefined configuration parameters -->
<CamcorderProfiles cameraId="0">
<!--
Profiles for the back camera
-->
<EncoderProfile quality="720p" fileFormat="mp4" duration="60">
<Video codec="h264"
bitRate="6000000"
width="1280"
height="720"
frameRate="30" />
<Audio codec="aac"
bitRate="128000"
sampleRate="48000"
channels="2" />
</EncoderProfile>

<EncoderProfile quality="480p" fileFormat="mp4" duration="60">
<Video codec="h264"
bitRate="4000000"
width="640"
height="480"
frameRate="30" />
<Audio codec="aac"
bitRate="128000"
sampleRate="48000"
channels="2" />
</EncoderProfile>

<EncoderProfile quality="qvga" fileFormat="3gp" duration="60">
<Video codec="h263"
bitRate="128000"
width="320"
height="240"
frameRate="15" />
<Audio codec="amrnb"
bitRate="12200"
sampleRate="8000"
channels="1" />
</EncoderProfile>

<EncoderProfile quality="qcif" fileFormat="3gp" duration="20">
<Video codec="h263"
bitRate="96000"
width="176"
height="144"
frameRate="15" />
<Audio codec="amrnb"
bitRate="12200"
sampleRate="8000"
channels="1" />
</EncoderProfile>

<EncoderProfile quality="timelapse720p" fileFormat="mp4" duration="60">
<Video codec="h264"
bitRate="6000000"
width="1280"
height="720"
frameRate="30" />
<!-- audio setting is ignored -->
<Audio codec="aac"
bitRate="128000"
sampleRate="48000"
channels="2" />
</EncoderProfile>

<EncoderProfile quality="timelapse480p" fileFormat="mp4" duration="60">
<Video codec="h264"
bitRate="4000000"
width="640"
height="480"
frameRate="30" />
<!-- audio setting is ignored -->
<Audio codec="aac"
bitRate="128000"
sampleRate="48000"
channels="2" />
</EncoderProfile>

<EncoderProfile quality="timelapseqvga" fileFormat="3gp" duration="60">
<Video codec="h263"
bitRate="128000"
width="320"
height="240"
frameRate="15" />
<!-- audio setting is ignored -->
<Audio codec="amrnb"
bitRate="12200"
sampleRate="8000"
channels="1" />
</EncoderProfile>

<EncoderProfile quality="timelapseqcif" fileFormat="3gp" duration="20">
<Video codec="h263"
bitRate="96000"
width="176"
height="144"
frameRate="15" />
<!-- audio setting is ignored -->
<Audio codec="amrnb"
bitRate="12200"
sampleRate="8000"
channels="1" />
</EncoderProfile>

<ImageEncoding quality="90" />
<ImageEncoding quality="80" />
<ImageEncoding quality="70" />
<ImageDecoding memCap="20000000" />

<Camera previewFrameRate="0" />

</CamcorderProfiles>

<CamcorderProfiles cameraId="1">
<!--
Profiles for the front camera
-->
<EncoderProfile quality="480p" fileFormat="mp4" duration="60">
<Video codec="h264"
bitRate="4000000"
width="640"
height="480"
frameRate="30" />
<Audio codec="aac"
bitRate="128000"
sampleRate="48000"
channels="2" />
</EncoderProfile>

<EncoderProfile quality="qvga" fileFormat="3gp" duration="60">
<Video codec="h263"
bitRate="128000"
width="320"
height="240"
frameRate="15" />
<Audio codec="amrnb"
bitRate="12200"
sampleRate="8000"
channels="1" />
</EncoderProfile>

<EncoderProfile quality="qcif" fileFormat="3gp" duration="20">
<Video codec="h263"
bitRate="96000"
width="176"
height="144"
frameRate="15" />
<Audio codec="amrnb"
bitRate="12200"
sampleRate="8000"
channels="1" />
</EncoderProfile>

<EncoderProfile quality="timelapse480p" fileFormat="mp4" duration="60">
<Video codec="h264"
bitRate="4000000"
width="640"
height="480"
frameRate="30" />
<!-- audio setting is ignored -->
<Audio codec="aac"
bitRate="128000"
sampleRate="48000"
channels="2" />
</EncoderProfile>

<EncoderProfile quality="timelapseqvga" fileFormat="3gp" duration="60">
<Video codec="h263"
bitRate="128000"
width="320"
height="240"
frameRate="15" />
<!-- audio setting is ignored -->
<Audio codec="amrnb"
bitRate="12200"
sampleRate="8000"
channels="1" />
</EncoderProfile>

<EncoderProfile quality="timelapseqcif" fileFormat="3gp" duration="20">
<Video codec="h263"
bitRate="96000"
width="176"
height="144"
frameRate="15" />
<!-- audio setting is ignored -->
<Audio codec="amrnb"
bitRate="12200"
sampleRate="8000"
channels="1" />
</EncoderProfile>

<ImageEncoding quality="90" />
<ImageEncoding quality="80" />
<ImageEncoding quality="70" />
<ImageDecoding memCap="20000000" />

<Camera previewFrameRate="0" />

</CamcorderProfiles>

<EncoderOutputFileFormat name="3gp" />
<EncoderOutputFileFormat name="mp4" />

<!--
If a codec is not enabled, it is invisible to the applications
In other words, the applications won't be able to use the codec
or query the capabilities of the codec at all if it is disabled
-->
<VideoEncoderCap name="h263" enabled="true"
minBitRate="96000" maxBitRate="420000"
minFrameWidth="176" maxFrameWidth="640"
minFrameHeight="144" maxFrameHeight="480"
minFrameRate="7" maxFrameRate="30" />

<VideoEncoderCap name="h264" enabled="true"
minBitRate="96000" maxBitRate="10000000"
minFrameWidth="176" maxFrameWidth="1280"
minFrameHeight="144" maxFrameHeight="720"
minFrameRate="7" maxFrameRate="30" />

<VideoEncoderCap name="m4v" enabled="true"
minBitRate="96000" maxBitRate="10000000"
minFrameWidth="176" maxFrameWidth="1280"
minFrameHeight="144" maxFrameHeight="720"
minFrameRate="7" maxFrameRate="30" />

<AudioEncoderCap name="amrnb" enabled="true"
minBitRate="5525" maxBitRate="12200"
minSampleRate="8000" maxSampleRate="8000"
minChannels="1" maxChannels="1" />

<AudioEncoderCap name="aac" enabled="true"
minBitRate="5525" maxBitRate="128000"
minSampleRate="8000" maxSampleRate="48000"
minChannels="1" maxChannels="1" />

<!--
FIXME:
We do not check decoder capabilities at present
At present, we only check whether windows media is visible
for TEST applications. For other applications, we do
not perform any checks at all.
-->
<VideoDecoderCap name="wmv" enabled="false"/>
<AudioDecoderCap name="wma" enabled="false"/>
</MediaSettings>

As far as I know, only the following are connected to images:

<ImageEncoding quality="90" />
<ImageEncoding quality="80" />
<ImageEncoding quality="70" />
<ImageDecoding memCap="20000000" />

But some threads seem to suggest that that is the default.