Archive master - this is going to be a problematic issue depending on how long you want to archive for and on what media. You have to consider what video standards, media standards / availabilty and software functionality are available in the future. If you intend to archive to BD or DVD disc then you will also have to consider media stability, storage conditions and availability - almost certainly you will have to transfer to new media at regular intervals ie 2 - 5 years.
Archive for later Editing - here you have to consider future software compatibility especially if you want to re-edit the projects again. Refer to Archive master above for other issues.
For archiving I always save everything related to the project, ie video, images, audio, music etc including material that I do not use in the current project., all my video is AVCHD or MP4, still images are jpg's, and audio mp3.
Just be aware that apple devices and probably others do not allow B frames in the stream, as per the Baseline MPEG4 encoding spec. but best is to go "File > Export to device > (Choose a device) > Settings" and use the template. Odd thing is that in MEP2014 all the devices even Hi Resolution Ipad all use same settings with a very low 600kbps bitrate which would barely be acceptable on an Ipod Nano screen! The other settings look okay so just up the bitrate to something more sensible.