That is a very interesting question. I shot also with my little Canon camera SD870. When I open iMovie ’08 it scans the hard drive in 1 minute and finds all the clips and doesn’t recompress!
So, I am using the export feature in iMovie >Share>Export to FInal Cut Pro XML.
But then when I opne via inport in Final Cut Pro 5.1.4, it imports the equence, but I can’t find to match the settings of my sequence to iMovie. But if I drag one of these .avi movies from my Canon into FCP, it plays in real time, no need to render. But only in my sequence, it seems that I have to render before playing.
I found iMovie pretty fast to derush these hundreds of Canon files, so that’s why I use it, as well my wife is OK with iMovie but doesn’t know how to use FCP.
Any thoughts?