Compressing large video files in QT Pro

Hello,
I've been recording videos with my Kodak Zi8 camera set to 1080p, as I figured it's easier to scale down later than to scale up. As a result, I have some .MOV files that are 4 GB for 90 minutes long and consist of 1920 x 1080 video in H.264 format with AAC audio. What is the best way to edit such a video so that it fits within Vimeo's 2 GB upload limit? I have QuickTime Pro but no other commercial video package (though am open to affordable alternatives). I know video is an intensive process and would like to be able to convert at least one video a day.
Thank you,
-Ken

Thanks for the suggestions, all.
I guess what I'm asking is: what is the best process by which to shrink this file? Should I transcode it into a different format or compression method? If so, which one? Or should I scale down the resolution? If so, by how much? When I previously tried scaling it down, it appeared that it would take 24 hours to convert the entire video. Is that an accurate estimate?
-Ken

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