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The only limitation of the trial is the lack of MPEG-2 support at any level. It also affects some other MPEG formats, but not at the 100% level as MPEG-2. Because some MPEG is affected, the issue might go away, with the full-paid version, or it might be either setting, or hardware related.
One thing to note: Adobe offers a 30-day, money-back guarantee. If the program does not work for you, you can return it for all of the $ back. There are NO limitations with that offer, except for the 30 days.
OK that's fair, but I'm still concerned that I might have this problem with other formats. I plan to buy higher end equipment as soon as we see some "pro" HD cameras that do 1080/60p. The Sanyo camera I'm using is just a cheap consumer camera that I'm testing out video editing apps with. I worry about this being an on going problem.
When some hot new 1440/120p professional camera comes out (wishful thinking, I know) I don't want to have to worry about whether the files it produces will play in the video editing app I plunked down some good money for.
It just surprises me that this would be a concern with high end video editing software.
It makes me hesitant to jump in at the moment.
From your link on Trial Limitations John T Smith:
"High-definition project presets (including AVCHD, DVCPRO HD, HDV, and XDCAM EX and XDCAM HD) are not included, so you cannot capture or import high-definition footage."
Thanks Mr. Smith, I think you've answered my question!