This is a USER forum, not Adobe support, so nobody here knows what "will be" in any future version or update
You might search the forum for GY-HM700 and see if there are other messages
The web page says the .mp4 media is the same as XDCAM EX. Have you tried such a preset?
I own a HM100, which uses the same EX1 codec. The difference is the HM100 allows you to choose between a MOV and MP4 wrapper. The MP4 wrapper works great in Premiere CS3 and CS4.(just like the EX1)
The HM700 in stock configuration, only saves in the MOV wrapper, which does not work with CS4. You have to buy the Available with optional SxS Media Recorder to have the HM700 save in .MP4.
Now there is a codec you can buy - it is not free- that allows you to view the MOV files. I am not sure that will make it work with CS4.
Steve, i changed the wrapper with the free application MP4toMPGv3.exe i downloaded from: http://www.mik-digital.de/programme.html
It is fast, it wont touch your footage and it lets you edit your HM700 footage without any rendering. Edit the footage in a matching XDCAM EX Timeline.