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Flash is the most compatible - almost everyone can view Flash these days. It's also the worst quality. If you're just doing a talking head though, you should be fine. Flash falls apart when you start getting too much motion involved.
By far, the best quality is QuickTime. WMV is better than Flash, takes longer to download On my siteand buffer than Quicktime and is not as good in regards to quality.
It really depends on your application. If I was doing just a talking head video, I would use Flash. On my site, I do all three, with QT being the default as it is the best presentation. WMV is second, Flash third. You can easily compare the three formats in regards to quality.
Compatibility? FLash wins hands down. No question.
(YouTube, Google Video and all other sites, for the most part encode in Flash ,however they use the absolute WORST compression. If you're going to use Flash, encode it yourself using the On2 Professional Flash Encoder which will give you the best Flash output possible)