The problem is that I don't have local storage, and neither do I have very good upload bandwidth. Compression could in theory solve the bandwidth problem and cloud storage costs to an extent, but I completely missed the part about video being already compressed. I'll take a look at handbrake though, essentially what I want is a transparent layer that will compress video files (or reencode video files since the former seems pointless) without touching local storage and shove it into my virtual FUSE system to upload directly to the Cloud.