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If you are going to use those cameras for your video, you should consider upgrading to version 9. Version 8, like many of the previous versions of Premiere Elements, has a limited range, when it comes to working with source video.
Version 9 greatly expands the file formats supported, and includes support for many still cameras shooting video. These are mostly higher end cams, like the Canon EOS series, but they may also work with yours. Best of all, if it does work with those cams, it will edit them natively -- without the need to constantly render as you work.
I recommend you download the v.9 trial and give it a test drive.
Your biggest challenge may be that your computer is a bit underpowered for working with H.264 video. But it's worth a try.
And you're only likely to find frustration trying to edit that video in version 8.
Thanks, Steve. That's what I needed to know. I'll give version 9 a try.
PrE9 works with the three SuperZoom models' clips I downloaded from the dpreview.com website. When you drop a clip into the timeline, you get a message offering to change the project settings to the recommended one, which is nice.
Looks like the cuts do not need to be rendered.
Great news, Steve! Happy moviemaking!