Yes I wish there was more control allowed, perhaps allow us to specify bitrate. Or at least offer an option that is lower than the current low since it uses too much bitrate for my needs.
The quality looks decent and almost lossless. To be honest anything higher than "Normal" mode is unnoticeable. Not that I have a bad monitor, I'm on 2560 x 1440 IPS monitors can entirely see and tell photo or video quality.