I'm fortunate to have both FCP 7 and Production Premium CS6 on my system.
Just yesterday I was going to use Compressor to encode a very short Blu-Ray to then be authored in Encore. (There has been a workflow for this ever since CS4)
As fate would have it, Compressor started giving me the infamous, "I can't do any kind of work because I've lost my mind..." error message. Actually the error message was, "Qmaster file agent not found." First time I've seen that excuse not to work.
After spending 20 minutes trying to suss out the issue and running through the usual methods for troubleshooting - including using Digital Rebellions' Compressor Repair - I finally gave up and fired up Adobe Media Encoder and "got 'r done". What a relief. Remember those old Apple ads for Macintosh, "It just works." ? That's what can be said for AME.
In another post I did a comparison between Adobe Media Encoder and Compressor and the results were fanatasic, both in speed benefits and quality.
So why even bother with Compressor at this point? Eh, force of habit and I simply wanted to compare H.264 encodes for BR and see what the differences were. But since Compressor decided to take a nap, that just wasn't possible!
Adobe offers AME as a download on it's website however, it's not clear if you can use it *without* Premiere Pro also being installed or not. It's worth trying if you can't get Compressor to play nice.