Thank you for your super fast answer and the link, Steve. I ran a search on GoPro and didn't come up with anything.
I've taken a quick look. It appears the GoPro Hero2 saves files in MP4 format. It appears it will take some re-processing to get it to work in Premiere, but is do-able.
Some of what's there is over my head. I'll have to read it and re-read it a few times and no doubt, it will begin to make more sense.
I'm also a little concerned about field of view and lens distortion. It turns out there are three viewing widths, 170 degrees, 127 degrees and 90 degrees. I'm currently using a 28-75 lens and the distortion is acceptable, even though I'd rather my image appear to be exactly what I see instead of over my shoulder.
I will continue my research and may give this little camera a try. I'd love to hear opinions from anyone who has used them.
Also, it appears that with each generation of Go-Pro, and also each version of PrE and PrPro, editing the footage gets easier to manage.
The Go-Pro's are gaining in popularity, and there was mention of a bank of them being used in a Hollywood production. Do not recall the movie now, but it was in about last Sept's. American Cinematographer. As their popularity increases, and their footage becomes more geared to editing, things will likely continue to improve, and especially on the Adobe front.
The OP might want to Search this, plus the PrPro CS 5.5 Forum for "Go-Pro," and do some reading. I would not bother going back too far, as the cameras have changed, and no use reading about obsolete cameras. Might filter with "Hero" too, to keep it current.
I have had the GoProHD Hero1 for nearly 2 years. I use PREL10 and I mix video from 2 other cameras, usually Canon T2i and Nex 5n (both AVCHD). The footage can be used natively without conversion.
I can record with the Hero1 in R3 mode (720p60) and mix with 1080p30 from the other two cameras without any problems. I cannot change the field of view with the older Hero1 but distortion is really not much of a problem as it is what it is. I use the HERO where it would be difficult to use another larger camera.