I have footage that I'm pretty sure is DvcProHD/Panasonic P2 footage. The specs in Prem CS5 tell me:
Image Size: 1280 x 1080
Pixel Depth: 24
Frame Rate: 29.97
Pixel Aspect Ratio: 1.5
Video data block #1:
Frame Size = 1280 x 1080
Compressor = Apple ProRes 422
Quality = Most (5.00)
Can I edit this in Premiere? I assume I can, but when I go to export a timeline to a 1080 h.264, AME goes bonkers telling me it's going to take an hour for five mintues of footage. Is there something else I should export to?
If I use a square pixel export method, can I get 1080, or should I go 720?
Sounds like you just have a slow machine. The way to speed that up is to get a faster one.