So sorry to bother the pros with this but...

I am so sorry to bother everyone with this most basic question.  I have read about Compressor, but just still don't "get it."  I just bought a new MBPw/Retina in order to upgrade to iMovie 11 for its HD export quality.  Well, I quickly learned on these forums that no one is happy with the export quality in iMovie11 and they feel misled.   An Apple Customer Service Support Tech told me that I needed to upgrade to a better editing program if that was my goal.  Sooo, I just recently bought FCPX, as well..but haven't used it yet. 
Here are my simple goals in editing:  I just want to be able to export in HD and have a clear picture of my trip videos (I compile about a one hour video of all my international trips ....kinda like a video blog..)  My goals are for my videos to display beautifully on my 46" flat screen via Apple TV.  I also want to post to YouTube to share that way.   Occasionally, I will create a DVD of my trips.
I am so new to all this.  I've been working in iMovie 08 all this time and honestly, it met my needs until I got my Apple TV and was able to finally see how awful the movie quality was.   So here are my questions:
1.  Why do I or don't I need Compressor to achieve the goals above?
2.  How much space will an HD one-hour video take up on my hard drive?
3.  If FCPX exports in HD quality, why would I need Compressor? Won't Compressor degrade the quality if it compresses the file?
Again, I am so sorry to bother all of you with this dinky question.....I just don't have anyone to ask really...
Thank you for your help ahead of time!

I'm not that You Tube-savvy, but this seems to indicate you can arrange to have files larger than 2 GB…also, I'm fairly sure that I've gone above 2 GB. (I typically use Vimeo and I'm more familiar with their rules.)
Roughly speaking, bit rate is a measure of the digital information that is being transmitted as the video file streams. Al things equal, higher rates generally result higher quality, but with tradeoffs in size, upload time, and possible playback issues. 
emis100 wrote:
I still don't know what the purpose of Compressor is if FCPX does the same thing....  
FCP does some of what Compressor does, but with less capability to make adjustments to meet special special requirements. For example, the FCP DVD share preset encodes a 1080 HD video to a DVD-compliant MPEG-2 , at a bit rate of 7.7 Megabits per second. That rate will allow about 67 minutes to be fit on to a single layer DVD. But suppose your video were 77 minutes. Rather than chopping it into two parts, in Compressor you could lower the bit rate by about 10% to make it fit on one disk. Compressor has many more capabilities, but the preceding example is one of the most common uses for the typical home video user.
Hope that helps.
Russ

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