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It does. Just copy the entire folder to your hard drive for editing.
I copied the folder and then navigated to the STREAM files. They have the .mts extension. I tried to import the files but received a message saying not supported.
I have upgraded Premiere to version 4.0.1
rename it to .m2ts instead of using .mts . see if that works.
Or use sony picture motion browser that came with the camere. You can drag clips (seen as thumbnails) directly to the CS4 project window