4.0.3 Update
In case you missed it, Compressor has been updated.
Several people have asked about workarounds for encoding 1080p to Apple devices – particularly Apple TV.
This update provides that 1080p capability as a preset.
BTW, Software Updates was "silent: about the availability of these updates (performance improvements for Motion and FCX as well), but a trip to the App Store located them for download.
Good luck.
Russ