Is there something I'm not doing when rendering in WMV to get the HD quality?
You are not adjusting your settings, in particular data rates. I strongly suggest you start with the basics read the help on modifying output settings and do a generic search on the topic on Google. Good compression is a black art and just pushing buttons will achieve nothing. Pick a suitable preset in the respective compression panels and take it from there. The rest is a matter of experience and understanding the underlying principles.
...I want to render it in WMV or MP4 because the file size would be small but when I render it out, the file is small but the quality is terrible.
Mylenium's right about beginning at the beginning. If you don't know about the basics, you can get hosed even when working with templates. And here's the beginning:
After a while, one important thing you'll learn is that the terms "high quality" and "small file size" are mutually exclusive in AE.
Thanks guys for the respones. Dave, I'll read that blog to get more info on how to use After Effects. I was also going to get a book on it. Thanks again guys.