Just heard that MC5 from AVID now supports H.264 .MOV files right on the timeline. Full edit capabilities without transcoding or wrapping. Very nice. Good news.
While i'm here, i just spent the day shooting some footage with my 550D and have noticed an interesting issue. I used the screen on the back of the camera to check exposure and focus before shooting and each time i was happy with the shot before i hit the 'record' button. But... a lot of the shots are over-exposed. Now i have heard that the camera has a tendency to over-expose, but i'd not had it happen before. The only thing i can think of is that it was sunny today and i was shooting outside. Maybe the screen wasn't telling me the truth..maybe the sun glare was affecting it more than i thought. Either way, it's not a huge issue... i'll try some outside shots in the sun again soon with the external monitor and a shade and see how i get on.
I'm just cutting together the footage now, so i'll post it soon.