Willian Aleman
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This indicates that the clip you’re viewing is part of a multiple-clip “spanned clip,” and that the remaining portions aren’t currently present. For example, if you recorded one big long clip that spanned across two P2 cards, yet you only loaded one P2 card into your computer, this ! indication would be displayed to let you know that the system only has access to part of the full footage. If you loaded the P2 card that contains the rest of this clip, the ! indicator would disappear. Quote from Panasonic’s FAQs
Willian Aleman
Video Editor-Director
New York City,
USA