End .MV2 shows up as 640x480 in QT when Compressor says 720x480

This question seems to come up frequently. There is no real problem, QuickTime just displays (and reports) that the NTSC MPEG-2 result is 640x480 so that the video is shown in the proper 4:3 aspect ratio on your computer display. Actually, the internal resolution of the MV2 is still 720x480 which when displayed on a true NTSC device (which has non-square "pixels") will be seen in the same 4:3 aspect ratio that you get with the computer's 640x480 format.

What do you mean by "shown?" FCP can display (canvas/viewer) in both square and non-square pixels. If it is just reporting the MPEG as 640x480 it could just be passing the QuickTime numbers back unaltered (which seem like the logical thing that it would do).

Try a utility like MPEG Streamclip ("Show Stream Info") and see what that program reports as the MPEG2 format (its a free download and in any case a useful utility to have).

So does Final Cut do the same thing? Because if I import the MV2 back into my NTSC DV 601 CCIR (0.9) timeline it is shown as 640x480 as well....

What you are witnessing is actually QuickTime's MPEG-2 Playback Compoment at work. Apple does state that the displayed frame size of MPEG-2 video may not be accurate.