The most important thing about importing DSLR footage into Final Cut Pro 7 is making sure it has timecode and reel numbers. Both of these will allow for proper media management throughout post production. Converting with MPEG Streamclip doesn’t add these in. Luckily Canon supply a plugin that does…
How to import DSLR footage into Final Cut Pro
The Canon EOS-E1 Movie plugin works through the log and transfer window in FCP7, but the update that came in April of last year (don’t know how I missed it!) allows you to open the files in the FCP L&T window without the original card folder structure being intact. This means you can open cards from anywhere on your computer.
Here is the download link to the plugin: Canon EOS-E1 Movie Plugin V.12
For a full tutorial on start to finish workflow for importing HD footage and outputting a SD DVD check out this post from uniquedesigners.