I use premiere pro as well, and I just export/render normally. Don't forget to deinterlace if you have to. You can change the export settings in premiere when you choose where to save/title your movie, and there'll be a box under save called settings. As for compression, I just use this:
Download the free program. You have to have Quicktime though...It exports to MP4, .AVI, and others, but I can't remember them. It's pretty easy to use, and you can choose the percent quality you want while compressing it a bunch. Just toss your edit in there and it'll do it all for you.
"I kinda felt like a dork just now...I was taking a dump butt naked except for my socks, goggles, and a condom beanie while talking to you and trying to open a bag of peanuts": thefilmerguy, on the phone with me
Check this out and tell me what you think!: