The MPEG-2 codec is a separate product from Apple. You can find it at their online store for ~$20. Alternatively, the codec comes bundled with Final Cut Studio, but that's just a tad more expensive
If you're just looking to play back MPEG-2, give VLC or Mplayer OSX a try. If you just want to encode from MPEG-2 to a different format that the standard Quicktime codecs understand, try FFmpegX.
The QuickTime Player plays MPEG-1 out of the box. However, the OP wants to encode MPEG-1. This is what QuickTime Pro cannot do. Having Perian installed, I can assure you that the codec suite does not enable MPEG-1 encoding.