My current cameras are a Canon HF10 and a Canon 5d MK2. The HF10 records in AVCHD (M2T) and the 5D MK2 records in Quicktime (.MOV) which if you have tried will absolutely crash VS X2 Pro. I researched high and low on the web and came across Cineform's Neoscene which seems to have great reviews. I downloaded the trial version and ran both camera's files through it and came out with .AVI files that are better looking and have richer saturation of colors than either of my recorded formats.
Now this probably has a lot to do with the fact that I record lots of concerts that have terrible lighting as well as the fact I'm a newbie

but the Neoscene product absolutely blew me away.
The re encoded Neoscene .AVI files are a dream to edit with in VS X2. I set my Project properties to AVI 1920x1080, 29.97 etc and edit as usual.
I can then use the Xvid codec to make videos for the web in full HD (vimeo) or 720p (facebook) or even H.264 640x480 for iPhones. I tried making a video file using the Cineform encoder but even at "low" resolution an 11 minute video was still over 5GB. When I switched it over to Xvid at a 9000kb bit rate it only came out to 880MB which Vimeo will accept.
So without further ado here is an 11 minute little recording I made with the 5D Mk2 and 24-70 2.8L lens of my favorite band of the moment, Yarn. I had an external mic (Rode) plugged into the mic output and used a -10db mic attenuation as well as a high pass filer (80hz) to remove the loudest bass notes that normally crush a tiny mic. This was 50% handheld and as you will see was a struggle to expose everything properly, zoom and manually focus a lens.
This is a first attempt at using this camera as well as using Cineform's Neoscene. Please be kind! I will promise to get better

Oh and at the 9:00 mark or so I took my tripod and camera and attempted to swing it out over the drummers head...let me know what ya think.
Rob
http://www.vimeo.com/11028604