Update 18 May 2012:
Download Panasonic AVCHD to P2 Converter Software here… Panasonic_AVCHD_Transcoder_v21
The Software is no longer available from the links below:
This application software transforms AVCHD clips recorded by Panasonic camera such as AVCCAM into P2 DVCPRO HD format. This enables users to edit the clips on non-linear editors which do not support AVCHD but P2 DVCPRO HD.
1080i59.94, 1080i50 and the following HD format that AG-HMC150 series cameras record are supported.
1080p29.97, 1080p25, 1080p23.98, 720p59.94 720p50, 720p29.97, 720p25, 720p23.98
PS: AVCHD files run smoothly with my Sony Vegas Pro 8 on a Quad PC.