Adding to Timothy_G:
Video copy will ignore the video filter chain of ffmpeg, so no scaling is available (man ffmpeg is a great source of information that you will not find on Google). Notice that once you start decoding-filtering-encoding (i.e., no copy) the process will be much slower (x100 time slower or even more). The libx264 is recommended if you want compatibility with all browsers.
$ ffmpeg -i INPUT -s 320x240 -threads 4 -c:a copy -c:v libx264 OUT.mp4
vp9 will provide nearly 50% extra bandwidth saving, but only for supported browsers (Firefox/Chrome), and the encoding will much slower compared to libx264 (that itself is much slower that v:c copy):
$ ffmpeg -i INPUT -s 320x240 -c:a copy -c:v vp9 OUT.webm
Notice that there is a set of formats (containers) accepted by browsers (most admit mp4, some also webm, ...) and for each format there is a set of audio/video codecs accepted. For example you can use mp3 or aac with an mp4 file (container), but not with webm files.
http://en.wikipedia.org/wiki/HTML5_video#Supported_video_formats