"Is this even possible?."
First, you don't need any additional software.
Second, every time video is processed it will change in some way. It will never be exactly the same as the original. It may in fact look better. However, you are not dealing with a top of the line camera. There are many compromises in it to make it affordable. These compromises in lens, chip size and quality and so on will be exacerbated as the media is processed. If the shooting conditions are not optimal, light, camera support, content, format, all of these will make reproducing the exact original more difficult and more improbable. That said AVCHD is inherently an excellent format and you should get excellent results. There is a great deal you can do in color correction and effects to improve the image and make it even more pleasing than the original, but this requires work and is not sonething achieved by clicking a button. It is also not something achieved by simply plugging in the camera and running the software. That is not how to get the best out of it. It's complex, professional software that's going to take time to learn, and video production is a complex process that takes time and effort to do really well.
My opinion which is worth what you paid for it.
Thanks for the quick response. I appreciate your perspective, it's evident that you are well versed in this field. However, given the camera I have and the computer I will have (new imac on the way) what would be your suggestion for programs and/or process to achieve the best possible "lossless" video for what I do now or may do in the future. Picture quality is what I'm trying to achieve. I may only do minor editing to put together a basic 20 minute movie of a vacation or maybe something bigger and better down the road. If that means getting a better camera or a better program, then I'll go in that direction. Right now I am very happy with the video I see when I plug my camera into an HDTV. It looks razor sharp and cristal clear. If you or someone else on this forum could steer me in the right direction, I would be very grateful.
As Tom has pointed out the whole process of video editing requires skill and knowledge to get the best results.
Regarding part of your question:
"bottom line is that I want to be able to burn a disc that will look exactly what I can see when my camera is plugged into an HDTV with a HDMI"
This will require a bluray disc and more hardware/software.
However, FCP X will allow you to burn a basic small project (in bluray quality) on regular standard discs right on your MBPro (if it has a super drive).
This will give you an idea of what the quality is like.
Note: these discs will require a bluray player to view.
Yes Tom the output from bluray displayed on a 1080p TV is excellent.
I'm pretty fussy with my stuff and find it's pretty hard to fault even with a critical eye.
What I have found out with my experiences using bluray burning directly from FCP X is the data rate is set a little high for computer playback with bluray equipped gear, a bit of stuttering occurs.
Standalone bluray players have no problems with the playback from these directly burnt FCP X discs.
I intend to experiment with Compressor settings to nudge the data rate to find the sweet spot.