Gavin has great pics for sure!
You questioned the yeast's ability to pack down with time. Yes it does! Some yeast strains settle down tightly and form a compact layer with break materials and trub, while other yeast strains stay more puffy and fluffy. This may cause you to lose a small amount of beer, but typically, no biggie.
Some folks (like me) get fussy and don't want unnecessary break materials to find their way into the fermenter. Some say no biggie it will settle out later, others are more inclined to want clearer wort from the beginning. I'll take a 5G paint strainer bag from Lowes and use that bag to filter the wort as it transfers from the kettle into the fermenter. Remove the bag, rinse it off and reuse not forgetting to sanitize before use.