I find using the old Apple Quicktime Player 7 is one of the fastest ways to convert HDSLR video for Final Cut. Just use the Export command for the clips. Save them to your favorite codec. Once the clip is started converting, you can open another clip and convert it as well. Repeat for the number of cores on your mac. Each will process in that core. With Compressor and MPEG Streamclip, only one clip can be done one at a time. This applies to Canon or any footage that has a .mov wrapper. Fortunately Panasonic now supports their .MTS files in Quicktime Player so I do convert GH2 footage as well besides my friends footage from Canon.
Convert your HDSLR h264 Footage to ProRes – Fast
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