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Matt,

I too have an Academic version of FCP, 5.1.2. It DOES have the new P2 import window you’re referring to. Check to make sure you actually have “.2” version; if so and you still can’t get the “new” P2 import window when selecting IMPORT/Panasonic P2 then you might have some software corruption somewhere depending on the age onf your OSX install. In which case you might want to try the following:

A) Trash your preferences and delete all your cache files then restart FCP and see if it comes up. If not…
B) Run Software Update and make sure you have the latest versions of all Apple core software (QT, Java, Pro Apps Support etc) and the FCP suite.
C) Do some low level disc maintenance: Use Disk Utility and repair permissions, Verify disk
D) If you have them run TechTool Pro 4 and or DiskWarrior and see if you have any file, folder or directory issues that need fixing.

If none of that works and you still can’t get things working properly then I’d suggest backing up all your important data (email, web-favs etc) and wipe your drive and reinstall the OS and apps.

And as mentioned before, the Academic version DOES NOT induce any limitations of any sort nor does it put watermarks on anything. The only difference is pricing and the inability to upgrade to newer full versions.