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Maybe yes, maybe no. That can be a challenging camcorder to interface with.
The best solution is to just move the files, using Windows Explorer, from your camcorder to your hard drive and then use Get Media/From Files and Folders to bring it into Premiere Elements.
And make sure you're using the right project preset for Premiere Elements! (I don't know which version of the program you're using so I can't advise you there.) You still may not be able to "differentiate between takes" (I'm not quite sure what you mean), but not using the right project preset can often mean trouble later, when you output your BluRay disc.
Or are you planning to output a DVD instead? If so, it may be worth converting that video to more standard, standard-definition footage.
I use the preset PAL AVCHD Full HD 1028 i25, Im using premiere elements 8.0.
The differentiate between takes thing is...I was hoping to see thumbnails of the video clips before importing them into Premiere (like the ones that show up from my sd card), so as to not import unnecessary footage. When pulling them from Get Media/From Files and Folders the files are just numbers, which means I have to delete all unwanted clips on the camcorder or know the names of them so as to not pull them onto the computer.
Eventually I will be exporting the projects in a number of different ways, mainly web video file sharing and DVD.
Ideally my computer will read the cameras hard drive, I am astonished it picks up the memory card that sits inside the cam without linking to the cams hard drive. Could this be about the quality of the footage (the SD card footage is in XP+ and the hard drive footage is MXP?
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Using the file transfer method you're using and the project settings you're using, you should see very little change in your video's quality, once you Render your timeline (by pressing Enter).
But this is only true if you're using the MXP recording mode. I'm not sure of the results you'll get in XP+ mode.
The problem you're describing -- not being able to see the video thumbnails -- can often by cured by updating your computer's Quicktime to the latest version at http://www.apple.com/support/quicktime/
Though it's hard to say for sure. You're working with a hybrid style camcorder that records in a number of different modes. I can't promise -- and don't know enough about that particular model to say -- that all recording modes will perform equally in Premiere Elements. Maybe someone else using the Legria can offer more specific guidance.
I am not convinced Premiere elements 8 will not locate my cameras hard drive, considering it locates my the SD card that is sitting inside my Camera.
Ha 2 minutes later...finally located the Cameras hard drive. It was showing up as a local disc and not as a camera or removable disc. So by "Get Media" PC Files and Folders I can locate and therefore import files straight from L: my canon legria hfs10 camera into Premiere elements 8. Nice way to finish a Friday. Thanks for that quicktime/thumbnails tip too.
Glad we could help direct you to a solution, Al!