Sorry buddy... looks like no compiz for you. I have never owned anything with that kind of video chip, but that output does not look good.
FWIW, I do own box with an intel chip, where I'm unable to get 3d rendering to work, and also have the same situation at work, where glxinfo says to set that variable... Never been able to get working... I rebuilt Mesa trying to get it fixed, and that accomplished nothing...
My condolences to you dude.... but that does not look good.