I can... almost (?) see it in that image; took a few screen shots from a recent attempt myself for comparison.
Having been able to restore Compressor 4.2.2 from backup, I've gone back to having ZERO issues with Compressor 4.2.2. Compressor 4.3 on the other hand still appears to be plagued with one problem after another. FYI, I used QuickTime Player 7 to catch the details, as they're apparently not available in QuickTime Player X.
First screen shot below attempts to show the grainy/noisy issue. I find it almost impossible to spot on an Apple 30" Cinema Display, so I dragged the player window over to a secondary TV monitor screen and... *poof* ...there's the issue. And before someone suggests otherwise,... no, it's not the monitor - the same source encoded with Compressor 4.2.2 does NOT produce the issue.
Second screen shot shows what I *thought* might have been the cause, as it only shows up in the file produced by Compressor 4.3 - NOT the file produced by Compressor 4.2.2. It seems that Compressor 4.3 is (arbitrarily?) adding a secondary video track of type "Photo - JPEG" that I didn't explicitly ask for (not sure how I'd go about doing that anyway).
Given the options of "Extract" and "Delete", I first tried "Extract" to see what I'd get; here's the result:
Apparently, Compressor 4.3 unnecessarily added almost a half MB of "Photo - JPEG" data to the original output file - either that, or it's encoded so badly that QuickTime Player 7 extracted it as such. Either way, it's all Apple products involved - and Compressor 4.2.2 doesn't have these issues. Out of curiosity, I then tried "Delete" and checked the player window again - still has the same grain/noise issue, so that may actually be encoded in the main (and what should have been the ONLY) video track.
Short version: Compressor 4.3 is badly broken, and no amount of "Reset Queue" is going to fix it; just going to have to wait for Compressor 4.3.1 (or later) and hope they do something about it.