Hmm, that seems a little too large. Did you do any kind of special encoding? Like enlarging one of the screens?
For example, here is a DS encode I uploaded this week. It's 1.5GB, Camstudio Lossless (which tends to only be a little better than Lagarith in my experience) and the video is 12:42 in length.
Upload time varies by connection. It took me about 2-3 hours to upload.