After a bit of search that camera encodes in JPEG format. I have to assume it is MJPEG. In the past you have had to purchase a MJPEG codec to be used in Premiere. I could not find an immediate answer for CS5 but I suspect that is the problem.
This is what I found.
Is this MJPEG?
File format (video, audio)
MPEG-2 (.MOD), AVC/H.264 (.MP4), Dolby Digital stereo
Resolution (video/photo) 704x480 / 640x480
records to SD, SDHC, and SDXC memory cards
Sorry for the confusion I am wrong it is a "MPEG2, H.264/AVC [Motion Image]" recording technique. I do not understand how you would know which of those two it is. It is sort of SD in that they say 704 x 480 resolution and the high rate is 10 M bits/sec and low rate is as low as 1.25 M bits/second. I went to this Panasonic page. Also the same camera (apparently different firmware) is available in NTSC and PAL versions. If Joe's suggestion above does not work try running GSpot on the file to see what it says.
Sorry for the confusion I am wrong it is a "MPEG2, H.264/AVC...
Then, in the imortal words of Rosanne Rosannadanna, "never mind."
Thanks for your help! For some reason we had a hard time finding these specs. It looks like it is a SD camera, not a High Definition camera (the HD on the side of the camera mistakenly meant Hard Drive, not High Definition?)
At any rate we now need to use the Adobe media encoder to convert the file so that we can import it into Premiere ….all with a loss of quality due to the re-rendering. (btw, what is the best file to re-render?). I suggested that the student who just bought it return it for a camera (preferably High Def) that will work in Premiere. Any suggestions?