The dynamics of parametrically driven counterpropagating waves in a one-dimensional extended nearly conservative annular system are described by two coupled, damped, parametrically driven nonlinear Schrödinger (NLS) equations with opposite transport terms due to the group velocity, and small dispersion. The system is characterized by two length scales defined by a balance between (a) forcing and dispersion (the dispersive scale), and (b) forcing and advection at the group velocity (the transport scale). Both are large compared to the basic wavelength of the pattern. The dispersive scale plays an important role in the structure of solutions arising from secondary instabilities of frequency-locked spatially uniform standing waves (SW), and manifests itself both in traveling pulses or fronts and in extended spatio-temporal chaos, depending on the signs of the dispersion coefficient and nonlinearity.