Encoding to MPEG2 on the fly - Macintosh

I am looking for a way to encode video into an MPEG2 directly from my camera into my MacBookPro. The video I will be shooting requires no editing and I want to capture it as MPEG2 so that I can burn a DVD immediately and skip using a compressor program. (I run FCP6/Compressor) The reason I want to do this is I am shooting VERY lengthy events and the compression process will take up an enormous amount of time.

Am I better off buying a stand alone DVD writer? Is there a way to do this encoding on a PC? Is MPEG2 the ONLY codec to write a Standard DVD directly? These videos must be shot in 4:3 Standard Definition.

Thanks to anyone who can help!

Thanks!

Gary