I don't know if you have read this one but its so simple! I have tried it with a tiny test and it still plays back slow but when I move it to the timeline from the clips its seems to play back correctly.
Its the 7th reply down on the thread
http://discussions.apple.com/thread.jspa?threadID=1698101&tstart=45
and reads like this (it has pictures to!)
Let me know how you get on. I will do a proper test tomorrow.
But make sure that you select the correct kind of new project before trying to import: when creating a new project, click on the little right-pointing triangle next to 'Video format'..
..and then choose the correct type of project for the material you've shot:
(..Note that you should choose DV or DV Widescreen - depending whether it's 4:3 or 16:9 shape - for material shot in DVCAM mode. DVCAM is identical to normal DV, except that the tape runs faster through the camera to produce wider tracks on the tape, making the recordings more robust and more compatible with other hardware ..as 'professional' material is usually edited on different machines from the ones which actually shot the video..)
And as you've got an 'E' version (European) camera, make sure that you choose the correct frame rate in your iMovie Preferences. Your camera shoots at 25fps (PAL) instead of American 29.97fps (NTSC).