I used the HD250 to shoot about 6 hours of tape which I digitized into FCP 5.1.4 using firewire in from the HD50 deck. It came in natively and plays back without a problem. So in answer to your question, yes, there’s a menu option for it and it plays back smoothly. (I used the “HDV 720p — 24” setting in the Easy Setup of FCP.)
I will say that this menu option wasn’t available in the 5.1 version I installed off my DVDs. I had to go to the site and download the latest update to the software. But once I installed 5.1.4, voila! There it was.
My only suggestion is to shoot at least 10 seconds of pre-roll before anything you expect to be usable because the capture tool’s ability to reset after timecode breaks in this format appears to be quite sluggish.
–David