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I had the same problem. Not only with h.264 but couldn't export quicktime at all without getting the "Error Compiling Movie" message.
Reinstalled Quicktime (Pro) and made no difference...Didn't have time to troubleshoot further so I exported avi uncompressed and sent it off and got on with my life. I don't have to do much with quicktime so its not a big deal for me but I sure would love to know why it won't work for me...
I'm having a lot that problem, with QT 7.4 and 7.4.1 can't export any kind of QT. Rolling back to QT 7.3.1 works fine.
More people with the same problem
From Creative Cow.
Installed latest Quicktime version (7.4.1) but when exporting any kind of quicktime codec in Premiere it displays the error: Error compiling movie. unable to create or open output file
Downgraded to 7.3.1 and error was fixed.
Correct 7.3.1 solved it for me too!
Thanks for posting!