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there is no one answer for you. i've reviewed over 600 paysites, and there are lots of different sizes and formats.
i've seen 1 minute clips, 30 second clips (hate those!), 2 minute clips, 3 minute clips and 5 minute clips. and then a lot of sites don't do the clips by time - they cut each video into a certain number of clips.
i'd say wmv is the most used format at this time, but many sites offer more than one format.
i see a lot of reality sites showing their videos at around 480x360, but i'm also seeing a trend toward bigger and better high band movies. a lot of sites are now showing their movies at 640x480 at a 1mb or better bitrate.
sfera, it's easy to make wmv clips that look as good as the uncompressed originals. wmv isn't a low quality format these days. the problem is most webmasters want to save bandwidth and make lower quality movies.
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