I don't believe version 3 could burn BluRay, but I do believe it has HDV capability, so that camcorder should work very well with this program.
Cool, thanks Steve. I dont intend to make BluRay discs, just standard DVDs. I assume that I can still do that from HDV footage, right? Does it downsample or something? Bit fuzzy on the whole HDV thing I'm afraid!
The program, in my opinion, doesn't do a very good job of downsampling. And it can overload your computer trying.
But you can downsample to standard DV from your camcorder and capture that over FireWire into Premiere Elements. (Look for the DV Lock option when you go to output.) The results should look terrific!