Do yo have the card installed on your system? If not, you'll need the BM codecs before you'll be able to use the AVIs.
I am thinking about buying the Blackmagic Intensity Pro. Does this card give one the option to capture a standard .avi file? If not, it would severely limit the ability to move projects from one computer to another (I think).
I use the card purely for external monitor previewing, so I continue to use the native codecs. However, you need to use a BM timeline preset to drive the output to the external monitor via the BM IP card.
Once editing is complete, it is a doddle to cut and paste all clips used in the sequence into a timeline using an Adobe preset, thereby losing the external monitoring.
A word of caution: I am unable to upgrade to CS5.5.1 on my Win 7 64 system, and have it on reasonable authority that it is because I have the BM IP installed. The upgrade is fine on my non-BM IP laptop!