Yes. There are lots of reasons you might wish to record presentation or other kinds of content (e.g., you could review it as a self-assessment in preparation for an in-class presentation).
For the most part, there aren't any, as long as you are recording your own presentation/materials.
The default format for Panopto at SLU is MP4. Instructors may also choose to make lectures available for download as audio only MP3 files. However, instructors cannot do this for lectures that contact copyrighted or other protected material.