Digital record split-screen or PIP

I'm looking for information on any part of this project that has been
assigned to me. We have a conference room that is used 2 times a
month with over 60 people that attend. What I want to do is record
the entire meeting (approx. 90 minutes) and burn it to cd for those
who missed the meeting. I was thinking of using two cameras that
pick up sound, record it digitally and be able to replay it with
a split-screen or PIP. One of the cameras will face the audience
and the other on the speaker. I’d like to get input on the hardware
and software that the industry has to offer.
I was thinking of converting to MPEG-1 but some people may not
like the quality when you compare it to MPEG-4.