...The only caveat is that I'm still running on Mac OS X 10.6.7 (i.e. I haven't updated to the recently released 10.6.8). However, I'd be very surprised if Apple shipped new 64-bit, QuickTime X codecs with 10.6.8.
I updated to Mac OS X 10.6.8 and Compressor 4 is still using 32-bit processes for the actual compression. In fact, below are the only changes I've noticed between Compressor v3 and v4:
1.) Compressor v4 now has QMaster setup built-in to the Compressor app itself (no more need for the separate QMaster control panel). There is, however, still a separate Qadministrator application (for managed clusters).
2.) Compressor now has presets and a post-processing action to support HTML live streaming.
3.) There is an application called Share Monitor that reports on and controls the background jobs. It's a 64-bit application and seems to be a completely new application (GUI matches FCP X).
4.) There are presets to create H.264/HD output for burning Blu-ray discs.
5.) The Compressor 4 application package/bundle now includes all of the frameworks and executables that are required for running Compressor. Thus the "app" size has grown from 110MB to 690MB.
Interestingly, there still seems to be very little support for adding metadata for the Apple TV (i.e. actors, director, MPAA rating, etc.). You can add QuickTime-based annotations just like in Compressor v3 but only some of that information will actually show up on the Apple TV. Also, just as in Compressor v3 you can add titles and image tags for each chapter (which do work on the Apple TV).