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Last time I checked, Premiere CS4 did not have a 720p editing preset for the AVCHD codec. I just received a white paper from Panasonic today (ftp://ftp.panasonic.com/pub/Panasonic/business/provideo/whitepapers/Editing_Avchd_AdobeCS4 .pdf) discussing the editing workflow for AVCHD video in Premiere CS4 and low and behold they have an image in the white paper of the editing preset dialogue box that shows 720p as an option! Could this be coming with the new 4.1 update? We will have to wait and see as it is not discussed in detail in the release notes from Adobe (http://www.adobe.com/products/premiere/pdfs/premiere_pro_4_1_update.pdf).