Sorry Brent, I don’t think thats quite correct, FCP Log and Transfer does not transcode XDCAM footage to ProRes as your post seems to suggest, it simply copies over the native video essence from the XDCAM source files to your Scratch disc, and saves them there in Quicktime Movie wrappers. It does do a transcode for some tapeless media formats certainly, but not for any XDCAM format, not the last time I looked.
Hope it helps
Andy