I understand that file upload speeds are limited by the upload speed of the internet connection among other things. Is it possible to use jquery or some other method to compress the file locally before upload and then upload a file to the server? Any other solutions?
While others have already provided answers, one thing you might be able to do (depending on how your website is setup) is, once the user has chosen the file, begin the upload process immediately. That way, if the user has to fill in additional information about the file (maybe a description of the file, a different name for the server, keywords, etc), their file is uploading in the meantime, and the information can be provided later.
Other than that, you're SOL.