If you ever use Quicktime clips that use linked dependancy files that are missing you will hang Compressor 3.0.2 when adding these clips to a batch queue. I’ve not tested this with any other version and I’m running 10.5.1 Leopard. Compressor droplets also suffer the same problem and will hang as well.
The easiest solution is to keep your dependent links up-to-date by opening clips in Quicktime Player and saving them after the lengthy search.
This reminds me that the code within QT for dealing with referenced media still seems very dated when you think of OS X technologies like Spotlight, etc. Referenced file names are truncated to the Mac OS 9 31 character limit for one thing, so you can’t even be sure what the full name of the missing link is in some cases.
Perhaps it’s best to shy away from using reference clips at all if you think they will move a lot and require re-linking. If Compressor warned you or asked to find the link as Quicktime Player would this would be moot. Hanging Compressor is misleading since it might lead one to think that they have a corrupt installation to fix instead of simply relinking their source clips.