Hi Kristian,
After reading your reply to my post I checked which easy setup I was using in FCP. That was indeed the problem. I now have selected the Blackmagic HDTV 720p 23.98 VariCam – DVCPRO HD easy setup. My video now plays back properly through my HDLink and onto my Apple Cinema HD Display.
Thanks for leading me in the right direction.
One final question for you. Since I had the wrong easy setup when I imported my P2 clips into FCP, do I have to re-import them now that I have changed the easy setup?