JVC GZ-MG555: Will it import?

Any camera that records to hard drive or DVD media makes editing more difficult (not easier).
Nearly all of them use MPEG-2 compression which must be converted prior to editing in iMovie.
iMovie 7 can open SD versions of these formats but requires an Intel machine to process any HD content.
iMovie 6, and lower, would you convert the MPEG-2 (.MOD on the JVC) to DV Stream format and that requires third party software.
Tape formats (DV Stream) and Firewire connection is the best combination. DV Stream is editable in iMovie or QuickTime Pro.
Do another week of investigating what is best for you.

The last, and only time, I used iMovie was in OS 9 so my posts here have no real world testings.
All I know is about the software/hardware interface and the method used by iMovie to bring in the data.
Hard drive and DVD media storage will nearly always be MPEG-2 format which require conversions before you can edit.
Think of them as the old photography formats. If MPEG-2 format is the "new" then they're trying to sell cameras that don't make the consumer think. Just like the old Polaroid "instant" cameras. Point and shoot. No chance of editing as the "print" comes out of the camera and no chance to "shoot" again.
What the camera manufacturers had in mind is very similar to the Polaroid metaphor. Shoot and print. No in between "editing". Just play back from the media to be "viewed" on a TV or computer.
If you want to edit you've got some more work to do.
Tape cameras allow you to capture a lot of data (in an editable format).
They still seem like a better method.

Here's my experience as an actual owner of the JVC MG555 Everio series HDD digital camcorder.

I love it. I love everything about it... except the process of getting onto the computer. The individual who said it is "harder to edit" may be misleading you; I find it much easier to work with HDD cams because it's so easy to record, organize, transfer, and store data; one great feature is that you don't have to wait for the whole length of the video to transfer it. For example, with miniDV, if the video is 45 minutes long, it will take 45 minutes to transfer it from camera to your computer. And, you have to set the tape by rewinding it and starting from the correct position. I don't even like dealing with tapes honestly, so the HDD is perfect for me (plus there's no tape motor recorded into the video).

With the MG555, it records to a .MOD file. This is actually a .MPEG file in disguise. Pull it off the camera in back-up mode (you see the HDD like it's a regular connected drive). One catch: there's no audio unless you convert it. There are numerous programs that can do that for you, one is MPEG Streamclip. It's freeware, and it converts to a variety of formats. You can change all sorts of things, too, including the quality, size, interlacing options, audio, etc. You can convert to the Quicktime format (.mov), .AVI, .DV, or as a MPEG4. You can possibly convert to other formats, but it may require plugins or codecs.

I am using MPEG Streamclip cause it's free with no nag-screens. FFMpegx also works, but that is technically shareware (even though you can use it as long as you want).

Once you have the MOD on your computer, without even changing the extension, you can open it up in MPEG Streamclip and convert it however you want. I then import it into iMovie HD (6.0.3) or into Final Cut Pro (5.1.4). Both programs are able to use it just fine, and there's no noticeable loss of quality for what I can tell. Granted, I'm not a professional video editor, but I am somewhat picky about quality and I hate pixilation.

Some will complain about the time it takes. Unless you're doing a bunch of conversions, it's actually faster to pull the file off the MG555's HDD, then convert it. That's compared to running a miniDV tape along with recording it to the computer at the same time. And that's really what you do with miniDV tapes; you "record" them into your computer more so than "transfer." It's unavoidable, of course, because it's a tape.

One more thing. Using my version of iMovie HD, I can record the HDD's movies onto my computer just as if it were a miniDV tape using the built-in import function. I haven't tried iMovie 8 (heard lots of bad things about iMovie 8 in general). I cannot yet get Final Cut Pro to import directly from the MG555 (but I haven't tried much, since it's so much easier for me to just download it from the HDD and convert).

I love my MG555. I had a miniDV Canon camera (ZR series); hated it to the core, everything about it. And much of that hatred was for the whole miniDV tape issue.

Just my two cents, but for someone who seems so concerned about bugs and their accompanying hassles, it seems you are ignoring the simplest of all solutions. Forget about getting a hard drive cam and buy what is still the superior quality format and easiest to use with ANY iMovie version and that is a miniDV tape cam.

You'll never have any issues with any camera that records to "tape" and includes a Firewire connection for import into your Mac.
DV Stream (the most common format of DV cameras) records at a rate of 13 GB's per hour. Never use anything that allows "more" to be stored on a shorter tape. Some of these were like "Extended play" VHS that changed the audio portion of the file to an unsuitable bit rate.
Don't use iMovie 7 if your intend to export "back to tape" as a storage method. Stick with iMovie 6, and earlier, versions.
Tape import is "one to one" time but you can control the camera using the keyboard to skip parts your don't need. Importing only what your really need will help control the hard drive bloat of working with these huge files.
Buy an external hard drive and format it for Mac use prior to using it. Delete iMovie Projects when you're done to free up space.
All camera manufacturers are trying to sell you something. Newer isn't always better. Hard drive and DVD cameras are not any better than those that record to tape an since their introduction have actually driven down the price of tape ones.
Look for the features you need in a camera. Some work better in low light and others are better at recording fast action without using a tripod.
Narrow your list down to two models and then you can safely purchase the "right" camera for you.
Shop "online" for the best deals and you'll get the best price (even if you buy at a brick and mortar store).
As with anything you'll ever buy you're forced to do your own homework. What we say here doesn't mean a hill of beans because you'll have learned, based on your investigations, what is best for you.

Although it may be the most "plug-and-play" style camera, the mini DV tape camcorders have drawbacks and serious issues to consider.

#1 I just don't like dealing with tapes. It means buying new ones every time you record something in order to get the best quality, and you have to rewind/fast-forward and that annoying stuff that I prefer to leave behind with the VHS.

#2 Costs. Once I buy an HDD camera, I don't have to buy more storage for it; it'll store everything I need, and once I need more space, just delete stuff off (that I've backed up). No hassles buying more and more tapes. But, HDD cams can be a little more expensive up front.

#3 Keeping track of all those tapes. Pain in the butt if you ask me. With my HDD cam, EVERYTHING I'm shooting for my project is in the same spot, and I browse through them as easily as movie files on a computer. If I don't like something, I can delete it right then and there. Plus, I get to see little thumbnails for all of them, helping me to remember what it was I was shooting.

#4 I have multiple options for transferring. With the mini DV tapes, I had one option: plug in the firewire and wait for the tape to play; hour tape takes an hour to record to my computer. With the HDD, I can use the firewire and the play-to-record feature of iMovie HD. However, I can also just drag and copy files off the HDD. Once they're off, I do have to run through them a converter, but since the converter is free and simple, I don't mind so much.

#5 Anytime I want, I can play with the camera and just record for practice or fun, and not worry about "wasting" a tape. If I am recording for practice, I can see instant feedback as to how I did by simply switching to the viewing mode and choosing the appropriate thumbnail. Then, I delete it, and that's it.

#6 No pain in the butt timestamp issues (I'm sure I might run into one eventually, though).

The external drive could be both the "scratch" drive that stores your original video capture and as the storage media for your final (exported) version.
Once you're satisfied with the project results you could then delete the imported iMovie Project.
With iMovie 6, and some earlier versions, you could also "export" back to tape to store your projects (in their complete and editable formats). Insert a new blank tape and export. Do it twice for back-up redundancy.
You can't export back to a "hard drive" (without then limiting the available storage found on that media).
I got a Maxtor 500 GB drive as an early Christmas gift. Price, including tax, was $151.36.
It is now my Leopard Time Machine backup device (3 partitions) but Leopard also allows me to easily move files back and forth to my internal.
I've also moved my Music and Pictures libraries to it (freeing up space and speed on my internal).

Hi Mithri,

Ever had a hard drive die? If or when that happens to your cam, you will be wishing you had a tape in there that wouldn't be lost. Tapes can be used more than once. The key is to buy quality tape, in bulk, to begin with. After I have used a tape maybe three times, I will use it to archive finished movies on.
Tape still produces superior quality video to any high compression hard drive or DVD cam. I guess that's why most professional camcorders are still using tape.