Well, I've got a couple of books out there on Premiere Elements. You can find them on Amazon and on the products page at http://Muvipix.com.
Unfortunately, one of the things I recommend in the books is to NOT try to edit video from still cameras in Premiere Elements -- at least not without converting them to a more traditional format/codec first.
You'll actually have more luck editing many still photo formats in Windows MovieMaker (or, if they're MOVs, in Quicktime Pro -- $29 from Apple). These are pretty basic editors with let you cut, trim, assemble and edit, but they will work with these formats and codecs, something Premiere Elements does not do.
Thanks for your reply. My understanding is the first thing I should do is convert the files then edit. Right now my goal is to take vacation clips and make one video out of them. I am guessing with Quick Time I can convert to one format or would it still help to have Elements for the coversion?
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Here is a rather long ARTICLE on the footage from the Canon 5D MK II on the PrPro forum. While much applies to PrPro CS4, there is a lot of good info on using the .MOV files.
There are several subject tangents, but just read around those. There are also about 3 other similar threads, and there may even be links to some of those discussions.
The FAQs to the right of this forum offer the best free or low cost programs and the best settings to use for converting these files for Premiere Elements.