Are you sure it's a 54/34? 50/34 is the more common compact size.
In general if you switch from a triple to a compact and keep the same gearing in the back, you lose the uppermost and lowermost gears. This may or may not be a problem (depending on terrain, fitness, riding goals etc). The problem can usually be solved by changing the cassette on the back (though if you want gears as easy as you had with the triple, you will probably need to change to a mountainbike derailler/cassette in the rear).
Good luck!

