As stated above, the M2T files play just fine in Bridge. On my system, they don’t preview properly in the bin, but the Preview window works OK.
I have tried a couple of different HDV cameras with OnLocation on two different laptops. The slower laptop was not even close to realtime. but the other only displayed a slight delay.
Perhaps you need to provide the exact setup and steps you are taking.
Steven
https://www.stevengotz.com