For our purposes, don't bother with setting a level. Youtube's decoder for transcode doesn't care, mainconcept makes its own determination about software vs hardware decoding, and most of the desktop players don't care. Levels are mostly for explicitly targeting embedded devices (bluray, iphone, whatevs).
Long videos often times are missing higher resolution transcodes. 480p will come out, everything higher will fail. The exact cause of this is not known, but my best guess is that there's some sort of time limit on the transcode, and that 720p, 1080p, and original are all cut off because the "desktop HD mp4" module starts from original and works down.
It might help to turn off tasblend and use 8x8 resize method; it might not.
Edit: My longest successful originalp:
http://www.youtube.com/watch?v=nBQYEB5BC5k
My longest successful 720p:
http://www.youtube.com/watch?v=t460vyG8D-U
But I have some faileds that are shorter, so I don't have any real solutions