MPEG2 encoding on a Mac

So a friend of mine videotaped an event that I held back in August using one of those HDV hard drive videocameras. He sent me a hard drive with the video on it, but when he captured it, Final Cut turned it into Apple Intermediate Codec MOV files. It's a pain in the ass to deal with, since I'm very familiar with encoding MPEG2 on Windows, and not at all on a Mac. So can anyone recommend to me a good tool to encode MPEG2 with on OSX? And, while we're at it, AC3 audio? If the answer is "Compressor," then I guess I'll actually have to figure out how the hell to use that program.