If you own a HMC 150 you can use the converter from Panasonic (Main Concept) to convert to DVCPRO HD. Should be a free download from their website. It will only work with HMC 150 footage though. So you cannot use it with other AVCHD Cameras. I use a PC so I am not sure if it works on the MAC but I would guess that it would. It will be much easier on your computer using the DVCPRO footage, but it is much bigger so you have to have plenty of HDD space.
That is what Im leaning toward, but I don't think that converter is compatable with a mac. Do you have a link? I can't find the converter on Panasonic's site, but I have heard it referenced quite a bit.
I found the converter, but it is not compatable for a Mac! Ouch!
Man that does stink.
If you go over to the HMC 150 forum http://www.dvxuser.com/V6/forumdisplay.php?f=146 I know that there are several MAC users over there, that could better answer your questions. Good group that likes to help out. I hope you can get it figured out.
Another converting program that I use is TMPGE, but again I do not know if they have a MAC version and it is not as straight forward as something that is setup to only convert AVCHD to DVCPRO HD, but it does work well.
Working with avchd files in CS4 is hell. CS5 is a way better written software in this regards.
I used Cineform Prospect HD converter to convert the files into ,AVI and then edit them in CS4.
You can take advantage of the 14 days trial version to convert all of your files and then edit them.
Cineform offers very good quality.
Here is the link to their website: http://www.cineform.com/prospecthd/remaster.php
Hope this helps.