I have a POV.HD which i use hemet mounted whilst cycling.
I have a similar problem, lots of 1080p25 H264 material from which I need just a few seconds shot.
(I am however usually using it in a “30 second loop” record mode, where material with the current loop and next is only kept when I manually tag it. during “record”)
In FCP7 Editing these original files was like editing in treacle, editing then consolidating/transcoding did not seem to work. ( the transcoded/consolidate PRORES clips jumped in the timeline)
So in FCP7 I would transfer all of the clips (using steamclip as compressor crashed when used with a lot of clips (possibly a problem creating lots of thumbnails?) to PRORES LT, a job best left to run over night!
A few days worth often filled my editing Raid5. the originals are stored on a Drobo.
Then I do a compilation edit, then consolidate it ( adding “tape” names or it doesn’t work!).
I would then delete the many original PRORES files, just keeping the H264 for archive.)
In FCPx whilst still sticky I can edit with the native H264 files. The log and tagging database will be very useful here. But you cannot consolidate from the story line ( In the browser, in any case the whole clip is transcoded not just the used material plus handles).
Copying the storyline with used data only, also copies the whole original file.
Looks like we need to get much more disc space, or perhaps apple plan a move to editing on the cloud and charging us for the extra storage required to store prores over the camera original?
Hopefully consolidate ( with an associated decompose and batch import back to the original camera archives) will work as we know it in future? Welcome to tapeless media!
Steve