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I nearly bought that model. It's around $300 right? I ended up going with a camera in the same price range but higher picture quality. They are closing out the Panasonic GF3 all over eBay for $300 - $325 shipped. This is a $600 camera right now at most Big Box Retailers. It's the new Micro Four Thirds tech that gives you DSLR quality but in a camera the size of a point and click.
But to answer your question, you want to go and download Divx. It's exactly what you want. Excellent quality but reduces file sizes drastically.
You might also take a look at Handbrake. Google it.