Premiere Elements isn't really designed to work with XDCAM video -- and there's no way to modify a custom preset for it. You would be much better off going to a professional editor, like Premiere Pro. However, you can certainly try it with either the DSLR or AVCHD 1920x1080 project settings and see how it goes. (Full AVCHD 1920x1080 is your best option, since it is designed for 30i, which means the same thing at 59.94i.)
But generally it's not a good idea to edit video from a $5000-10,000 camcorder in a $75 editing program.
Yes, PrPro has full XDCam capabilities, and especially with CS 5/5.5 and a certified CUDA-capable nVidia card, does it with ease and grace - as smooth as editing DV-AVI material.
Yes, I agree with both of you. I understand that my camera may be more expensive than the edit software I am using. I am making a birthday video surprise for my brother's 40th birthday party. He lives permanently in the USA. I live in London. I run my own Video Production company. Therefore I cant edit a less-than-high-definition video, as it would look bad on my business. So I have been very prepared and shot it in NTSC format at a high res. The unfortunate thing is that I cant (without distress) take my desktop computer on holiday with me. That leaves me with a very basic laptop to edit all the stuff on. When I get to the US I will be filming the American relatives using the same camera, but Adobe Premiere Elements 10 is obviously not up to the job (as with my laptop - although I'm looking to upgrade my laptop to a better spec, without spending a fortune, although I cant change the Processor without buying a new laptop). So that is the conundrum I face. When you see these adverts on television for a news channel and you see the news anchor in a dangerous place with bullets flying past them and they're sitting at their laptop editing, or transferrring footage from the piece they have just done, it's all a load of "bollox" (excuse my French), because basically there isnt a laptop out there, or software that can handle high definition footage! By the time it takes me to figure out all of this I could have learnt to write my own editing software! (by the way, I am a massive fan of all things ADOBE). My friend, used Adobe Premiere Pro to edit the film 'Monsters' and he's about to direct the next Godzilla movie!!!!!! So yes, it is fantastic. Steve, I have just uploaded the preset you suggested, however, the clip on my timeline isnt quite right. When I play the clip from the XDCAM clip browser software it is fine and plays at normal rate with sound and visuals in sync. However, when I play in the software the visuals play at half the speed of the sound/timeline line. When I run my processor guide it shows that just to play the clip the processor is at 100%, so I guess that the software might actually be working ok, but actually it's my laptop at fault. Although on the side of the Adobe Elements box it doesnt specify what processor spec you need to run the software. Oh deary me. Looks like it's back to the drawing board and that my bro isnt going to get his 40th birthday surprise video after all.....boo hoo! (I am only a girl after all! and so all of this is beyond my comprehension anyway...I should just go back to cleaning the dishes)!!!!!! Thanks very much for your advice! Lynds x