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I don't believe the program supports the professional DV codecs.
Here's what they say in their tech spec (for Version 7):
Adobe Premiere Elements supported import/
export formats include:
ASF (import only), AVI, AVCHD, SWF (import), Blu-ray
Disc (export only), DV, DVD, Dolby® Digital Stereo,
H.264, HDV, JPEG, PNG (import only), PSD (import
only), MOD and TOD (JVC Everio, import only),
MPEG-1, MPEG-2, MPEG-4, MP3, WAV, QuickTime,
Windows Media, WMA (import only), 3GP.
Import/export of some formats including AVCHD,
DVD, Blu-ray, MPEG-2, MPEG-4, H.264, and Dolby
Digital Stereo may require activation via an Internet
connection. Activation is fast, easy, and free. Import/
export of 3GP, 3GP2, MOV, MPEG-4, and QuickTime
requires QuickTime software.
AVCHD leads me to believe that they may actually support it, but not list it. That's why I was wondering.
You can contact Adobe by clicking the Contact button at the top of this page.
I do know that others have had problems using professional DV codecs with this program in the past.
"I am buying a Panasonic HVX200 camera that records in DVCPRO-HD. Does
Elements or Pro support this?"
According to this
(http://www.adobe.com/products/premiere/supportedformats.html), Premiere Pro
CS4 supports native editing from Panasonic P2 camera in DVCPRO HD.