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Hey there doesn't anybody know what an M2T file is?
Or is "cineform" just another branch of Adobe?
Some advice would be appreciated!
A currently updated version of AE CS3 should have no problem importing M2T files.
But as to your question "Are M2T files any good", that's a matter of opinion. Personally, I refuse to work with any long-GOP format files if I can help it. They slow things down and have (in my opinion) significant downsides in terms of rendering and quality. I convert any such files to a lossless format whenever possible.
Non-conformed MPEG files are always difficult to work with. Not only does the long GOP stuff cause timecode mismatches, but there may also be open GOPs that potentially are prone to crashes. I'd stay away from them if you can avoid it and convert it to something uncompressed or at least a proper MPEG-II stream with aligned GOPs.