Using FlipShare software (currently 5.0.5), as far as I can tell, there is no way to upload its high defition 1280x720p [HQ22 in youtube terminology] videos to youtube. It changes to low quality 480x360 [HQ18] "automatically", there is no option to adjust that.
If you export to computer, native 9Mbps H.264 encoded mp4 ballooned to 20Mbps wmv, (again, no option to change that). It is probably better to use software like Adobe Premier Pro CS4, Sony Vegas 9 etc. that can support those formats' input/export directly.