Depends…what format did you shoot? P2 shoots a variety of formats, including DVCPRO HD (which is an 8-bit codec) and AVCIntra (which is a 10-bit codec). DVCPRO HD cannot be encoded as any other format…which is good. It imports lossless…there is native support in FCP for DVCPRO HD. AVCIntra is not natively supported by FCP, and needs to be transcoded to ProRes or ProRes HQ…both AVCIntra and ProRes are 10-bit codecs. And AVCIntra is a full raster 1920×1080 codec, where DVCPRO HD is 1280×1080 anamorphic.
ProRes has all the quality of Uncompressed 10-bit HD, but the data rate of uncompressed SD, so it takes up far less space. Plus there are issues with the 10-bit UC codec on FCP (I don’t know specifics) but ProRes is a great option (just like DNxHD for Avid).
Shane

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