Space requirements can admittedly be a bit higher than some other time-series databases or column stores. Since disk is cheaper than memory, and with easy ways of doing retention, we think its a worthwhile trade-off for people for now. But compression is something we will look to down the road. For our later benchmarks we will include memory/space comparisions to help people evaluate.
As for node splitting, our clustering solution (not yet released) is being worked on quite a bit as well. When its closer to being ready we'll include our thoughts on how to best manage your partitions.