We shot 720P 30. Timeline is HD format (Seq presets/Capture Preset 720p30) 29.97.
Actually, I think I may have been wrong about the speed. The video may be playing slower. (At least on my latest test on a FCP 5.0 system). When I tried to import with my FCP 6.02, I thought it was faster, but I may have been wrong.
Like the above post I was able to use HD Log (demo) to transfer one of the P2 clips and it was in sync.