If you are using Final Cut Pro 7, you may notice that you can connect your camcorder like Panasonic HDC-TM55 to Apple computer with USB cable, and then use the Log & Transfer method to load the AVCHD videos to FCP for editing. If you saved videos in SD card, you may also use card reader to connect SD memory card to iMac and import camcorder videos with Log & Transfer.
The Log & Transfer method only works for AVCHD videos in .mts or .m2ts file extension with related file structure like AVCHD > BDMV > STREAM, together with other .cpi files under CLIPINF folder and .mpl under PLAYLIST folder. If you only got the .mts or .m2ts files, you need third-party AVCHD conversion software to make the recorded videos compatible to Final Cut Pro. Aunsoft MTS/M2TS Converter is the recommended AVCHD to FCP converter for you to convert .mts and .m2ts into .mov for editing in Final Cut Pro.

While using Final Cut Pro to handle AVCHD videos, you may notice that the file sizes can become very large very quickly. It is because Final Cut Pro 6 or 7 will transcode AVCHD in the Log & Transfer window to Apple ProRes 422 or Apple Intermediate Codec (AIC). An apple ProRes (not HQ) will be around 30 Gigs for 30 minute file. For example, when you have a 2-minute AVCHD File which is 200MB in original file size, it will yield a 2GB APR422 File. The APR422 files are 10x the size of the AVCHD files.
If your computer hard drive has plenty of space, you can edit AVCHD in Final Cut Pro through the Log & Transfer without any problem. However, if you have a lot of AVCHD videos and limited hard drive space, it is recommended that you transcode AVCHD to MOV before importing to FCP for editing. Aunsoft MTS/M2TS Converter can help you edit videos from camcorders like Panasonic TM55 to FCP without large ProRes 422 codec, by converting AVCHD to MOV for FCP without ProRes or AIC. Otherwise, you will get a GB per minute or 60GB/hr with the Log & Transfer (L&T).
Hope the above explanation will help you enjoy editing AVCHD camcorder videos in Final Cut Pro.
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