MainProfile@MainLevel, also referred to as MP@ML, is a profile used for the majority of standard definition (SD) MPEG-2 video. It's used for encoding DVD-Video, SVCD, and digital TV from cable, satellite, and Over The Air (OTA) sources.
MP@ML supports both progressive and interlaced video with resolutions up to 720x576 and framerates up to 30fps. Being mainly used for SDTV video, the most common framerates are 25fps for PAL and 29.97fps for NTSC. Vertical resolution is normally 576 pixels for PAL or 480 pixels for NTSC. Horizontal resolution varies widely for different sources, with DVD typically using either 720 or 704 pixels and DTV often using 480 or 540 pixels.
The maximum bitrate allowed is 15Mbps (15 million bits per second).
Almost all MPEG-2 encoders are capable of encoding with the MP@ML, and in fact many don't support any other profile.
Related guides:
Digital Video Fundamentals - MPEG-2 Encoding
Digital Video Fundamentals - Lossy Video Compression
How to Play MPG and MPEG files
TMPGEnc 4 - MPEG-2 and MPEG-1 Video Settings
HC Encoder Settings
Deciphering CCE Basic