What's a Compact Crank, anyway?

[roadfix]

I'm looking at a 50/34, too. And maybe a cassette 13-26T. My "new" bike should arrive today! Might need to change out to get lower gears for my hill climbing (in)ability.

I'm currently running a 13-26 Campy cassette with my compact cranks. Although I don't have a problem, some may find the 50x13 top end (103 gear inches) not high enough.