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HD video from JVC Everio GZ-HM200BU to iMac & Converting

Hi folks.
I have a JVC Everio GZ-HM200BU and it takes some pretty decent HD video. I have a 24" Intel iMac running OSX 10.5.8 and the iLife suite that was available in 2008. The JVC Everio software is not usable on my Mac.

I can transfer the files from the camera to the iMac and I can play them back on the computer without issue. My big question is what is the best method of converting them to a smaller format that is usable on the web or burnable to DVD? Uploading directly to youtube takes an ungodly amount of time even with a short 2 minute video and fast internet connection, and then the conversion process on their end takes hours. I am looking for some software that is easy to use, creates good quality video with jaggies and preferably is free. If I am missing something that I already have in my arsenal, please enlighten me.
Thanks in advance!

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