Thanks for the ref Jody.
Patrick - the How to document should be just what you are looking for. The pain point is that you need an ABAP box in order to convert the compressed text columns, which HANA cannot do.
Regarding volumes, you actually don't even need STXH at all as long as you know the object types, etc that you are looking for from STXL. Additionally, you can filter out the data you don't need through SLT configurations for replication (still have the pain of initial load). Good news is that this is solved in SLT DMIS 2011 SP06, where you can filter the initial load too.
See the following discussion in conjunction with the How To document and you should be golden.
Selective Data Replication / Filtering in SLT
Let me know if you have questions.
Regards,
Justin