If you want better quality use a '-b' bitrate option or '-qscale' option.
For example '-b 5000k' OR '-qscale 7', the lower the qscale the better the quality, the larger the file.
Just so you know, at that resolution, for good quality flv, you would need around 10000 kbps, which is a lot.
1) -b <bitrate> (bps) [200k]
2) -sameq =variable bitrate same quality
3) -qscale <q> =fixed quantizer q = 1 (best) - 31 (worst)
-maxrate <bitrate> (bps)
-minrate <bitrate> (bps)
I much prefer using qscale (VBR) over bitrate, because it results in better overall quality, and more consistent quality across files (same resolution, same framerate, same codecs).
I would also use the '-async' option to prevent A/V desync, as well as proper FPS:
ffmpeg -i Wildlife.wmv -s 1280x720 -ar 44100 -async 44100 -r 29.970 -ac 2 -qscale 5 out2.flv