Currently Being ModeratedMay 3, 2012 10:54 PM (in response to The Gryphonator)
iPhone files aren't directly editable in FCP. They are not in an editing codec. You need to convert them to one before you edit. ProRes is the option you should use.
Same with Canon 5D...that should be logged and Transferred to ProRes. But you need to get the Canon L&T plugin for that. The workflow for that is here:
Currently Being ModeratedMay 4, 2012 8:53 AM (in response to Shane Ross)
I'd also suggest you use compressor to resize the footage and retime it to match your target size and frame rate. Be sure and customize the preset so that the resizing and retiming options are set to best in the frame controls panel.