The blockchain is eating into my macs disk space. Will there be a way in the future to compress it or redirect to an external hard drive?
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Welcome to the Ethereum SE and congrats on your first question here! When you say memory, do you actually mean disk space? If so please edit your question accordingly.– J-BFeb 2 '16 at 3:46
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There is ongoing research into light clients, these are clients that do not require an entire copy of the block chain to function.
I believe you conflated the terms 'memory' and 'disk space' in your question. A light client would require less disk space to function.
More details can be found on the ethereum wiki.
Interestingly it was just a week ago that the first transaction was sent from a light client.
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As an update an interesting related question was asked about using IPFS to help create lite clients click here to read. Feb 8 '16 at 14:05