How do you deal with gigantic file sizes?

Hi all --
I am shooting a documentary right now and are having some problems exporting the project in FCE. Here's my work flow:
I capture footage from my Canon HF10 (1440x1080) with iMovie. Next, I import the folder with all MOV files into FCE into a sequence and edit the movie within FCE. Works like a charm! However, when I export to a high-def movie, a 20GB file is created from a 2-min clip. I intend to edit a feature-length movie, which means that a *800GB file* will be created from 80 min of footage! Since I have two FireWire800 Terrabyte hard drives (one for capturing+editing, the other as a backup), it's not a major problem. However, if I want to downsize the video with the Quicktime conversion, the 3-min clip (20 GB) takes about 4 hrs on my 2.33 GHz Intel DuelCore processor with 3GB RAM. If I extrapolate this to the full length of the final feature-length movie, it will take about *160 hrs to convert the movie!* Even if I'd buy the fastest quad-core processor machine, it would still take days!
Am I doing something wrong here?
What's the most economic work flow to edit/export a HD movie in FCE?
Thanks a lot for your help!

Unfortunately, I don't have an answer for you, but as a point of reference... I just started working with HD on my Canon HV30. I just rendered a 1m46s clip that included some stills at the end with some keyframing. I did File>Export>QuickTime Movie and it rendered in about 7 minutes and resulted in a 1.26GB file.

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