Disclaimer: I am by no means a video editor or qualified final cut user. I just know a little bit about video codecs and resolutions. This is what works best for me.
I kept making the mistake of saying “CAPTURING” when in fact it should be “TRANSFERRING” . Here is why: When you are bringing in footage from tape you use the log and capture. When you want to bring in footage in the form of digital media then it is called log and transfer.
I am using a Canon Vixia HF20 that records to flash memory in the form of AVCHD. There are many consumer cameras that shoot in this particular way so it should work for them as well.
This should also work in Final Cut 6 and the only difference is that there is only an option for Apple Prores 422 and there is no option for HQ or LT.