Hello, first thread/question so if its in the wrong place, I'm sorry

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Okay, I have just bought a new pocket camcorder that records in Mpeg4 format.
Its a Sanyo Xacti VPCHD700 HD and I'm really happy with it, as it fits in my back pocket and has a good picture for the size of camera, however there are a few issues that I need help with.
I'm using the bundled software with the camera to convert the Mpeg4 format into a file that can be read by Windows Media player, I use this player as I stream my pictures and music etc over to my PS3 and view them on the big TV in the lounge.
The software I am using is Adobe Premier Elements and it takes about 2 1/2 hours to convert a 6 minute clip!!!
Every movie trailer I have downloaded from the PSN Store onto my PS3 (1080p) are shown as Mp4.
So howcome when I plug my camera into the PS3 it won't show the clips on the camcorder?
Are Mp4 and Mpeg4 not the same?
Is there a quicker way of converting the files?
How do I install a Mp4/Mpeg4 codec so Media Player will play them?
When I convert to MediaPlayer files, the PS3 won't play the sound as its in WMA format, which is not supported by PS3.
I'm also using Vista Home, but may go back to XP MCE.
I tried Nero7, but that did something odd to my DVD burner and it wouldn't burn, was fine when I uninstalled Nero7.
Any help/advice would be very much appriciated.
http://www.luzernsolutions.com/image.../vpc-hd700.jpg
Sorry for the randomness of this post, but its driving me up the wall!!