To speed up compressor, try exporting your timeline from Final Cut as 1280x720p30. I have found this can substantially reduce encode time.
Also, the frame controls do a number on your processing time...use these sparingly.
Finally, rendering H.264 HD files seems to take an insanely long time...not sure why
Shawn
Apple has a tendency to be tight lipped about many things it plans to do. Jobs is a smart guy, Apple was all over Gore's movie, Bono has been involved with Greenpeace and has relationships with Apple. Jobs is nothng if not a great marketing mind and this has to be of some concern from a business/Machiavellian point of view.
FWIW Steve Jobs actually has released something on this subject today