Unfortunately you will not be able to use the video from those "sports" camcorders directly in Premiere Elements. It's just not compatible with the program.
As you can see from this FAQ, there are three options for converting the video:
1) Convert it a DV-AVI using MPEG Streamclip. It's a free program, but the DV-AVI it outputs will not be hi-def. It will be standard video, but it will be editable in Premiere Elements.
2) Convert it to a standard def DV-AVI using Quicktime Pro, a $29 download from Apple.com,and edit in Premiere Elements.
3) Use Quicktime Pro to do your editing. The video will remain a high-def MP4.
The best solution, of course, is if the camcorder itself comes with its own editing software. That's software you KNOW will work with the camcorder's footage.
But, short of that, you'll need to use one of the hybrid solutions above. But you will not be able to edit the footage directly in Premiere Elements. Sorry.
As I said in 1) , the camera also has a standard 1920x1080 30p mode.
FYI, if I select the HD 1920x1080i preset, it does work OK. I can edit, export, etc with no problems.
(That the preset is labeled as interlaced, seems to be irrelevant. Or so it appears)
Glad to hear that there is a way to make these two pieces interface, Gonza.
Many non-tape camcorders use codecs that are beyond what Premiere Elements is capable of working with.