I think I found a workaround... and a good one too. Learned a lot about FCP X in the last day or so trying to figure all of this out, and I liked what I found.
The solution here is pretty simple, and one somebody here already brought up, but that's to use the 'share' function from within FCPX itself. It not only works from any project edted in FCPX, but it also works if you save a master file from FCP7 (or any other editing platform, I would assume) as in h.264 MOV file, then importing into FCPX into a new project. No rendering is necessary and the only downside is any chapter markers you created would have to be re-created in FCPX for export to a disk image (or direct burn). Regular DVD's and Bluray's can be burned. To get the Bluray Option, when you get to the share menu (accessable either through the file menu at the top or the little arrow pointing to the right on the right side of the Media Browser window), click on 'Add Destination' to add Bluray.
From there, you'll be prompted to add info to your DVD file. When you click on 'Settings', you'll get a little preview of your DVD menu and you can tweak things just like you did in Compressor to your liking, like choosing an Output Device, Black or White template, the ability to have a marker menu, a background, etc.
Click next once everything looks right and then save the image file to the destination of your choice (or burn if you wanted to do a direct burn).
What's cool too is, you can go into compressor and even import your custom settings. Since Compressor 4 doesn't have all the same formats already made for DVD (60 minute, 90 minute, 120 minute settings), you can custom make your own and then using the 'Add Destination' function I explained above, import those custom Compressor settings and you're good to go.
So if you're already editing in FCPX, I see no reason to ever even have to open Compressor anymore and your solution is FCPX. The export process is just about as fast (or slow depending on how you look at it) as exporting to an image file in Compressor. And honestly, it's a wonderful workflow.
My problem, along with a lot of other folks, is I haven't fully adopted FCPX yet and still in 7 for most tasks. But with the last update, I think I'm ready to make the jump completely as it looks like FCPX will be able to do everything I was able to do in 7, and w/o a huge learning curve to go with it.
So if you're still using 7 and need to get an image file, simple follow my steps above to make a master file, import into FCPX and you're good to go after adding new chapter markers.
If anyone's interested in knowing what I do for master files, in FCP 7 I go to Export Quicktime Movie. In 'Setting', choose 'Custom' (scroll all the way down to the bottom). You'll be prompted to create your settings, which FCP will save for quicker exports in the future. I choose Frame Size: 1920x1080 (HDTV 1080i 16x9)- Pixel Aspect Ratio: Square - Field Dominance: None - Editing Timebase: 29.97- Timecode Rate: Same As Editing Timebase
In Quicktime Video Settings, for Compressor, choose H.264, Quality 100%, then click the advanced tab (and this is an important step so you get a reasonable sized file and not a monsterous dozens of GB eating file). In Advanced, Compression type: H.264 - Frames per second: 29.97 - Key frame every: 24 frames - Limit data rate to: 25000 KBytes/sec. Quality, 'best'.
These settings will give you a file that looks great and practically just like a fully exported master at a fraction of the HD space.
Click 'OK'.
Back in 'Compression Settings', for audio, 48khz, 16-bit, Channel Grouped.
Click 'OK' again, and you're ready for export.
Hope this info helps out somebody out there who was just as frustrated as me. But this turned out to be a blessing in disguise as I found a better way to export right through FCPX, which will be helpful going forward as I adopt FCPX more and more.
Compressor should still be fixed though. Apple apps should work as advertised.
