I'm currently doing the export in phpmyadmin in another browser. Its been about an hour and I'm still getting a spinning wheel. Should it be taking this long or is there a problem?
Yes, you're exporting a TON of data, through a web script... It can take forever, and it will likely time out if the stream goes past a certain timeframe (or file size); hence why my backup recommendations (in the admin help forum) say to use SSH to backup data (plus it'd only take a few minutes)
When importing you can run into the same hurtles; but with the options presented for an import, the defaults should work fine.