FOLLOW-UP:
Okay, I finally managed to get a look at the 17" PowerBook Pro and compare it with my old PPC G5. Here is what I've learned regarding the M2V1 camcorder imported files.
1) When I initially tried to play the file, it would not play in either QT 7 or QT X players.
2) When I tried to import it to iMovie '09, I was told some of the required codec components were missing and that I had to re-install the iLife suite.
3) Performed the re-installation but not changes.
4) Checked for updates and found an iLife update but it still did not help.
5) Opened the "~/Library/QuickTime" folder to check codecs available and discovered a previously unnoticed "Hidden codecs" folder containing a second set of iMovie import codecs. The AC3 import and AIC codecs where the same in both the QT and the "Hidden codecs" folder but the "AppleMPEG2Codec.component" was different.
6) Checked the desktop computer which has no trouble playing these files and learned it was using the version 1.0.1 (V220) codec.
7) Went back to the PowerBook Pro and moved the same codec to "QuickTime" folder and the movie began playing in both QT 7.6.3 and QT X players.
CONCLUSION: It would seem that the "Hidden codecs" folder was likely created during the Snow Leopard upgrade process to temporarily hold the then working iMovie codecs but never re-installed them following the upgrade. Unfortunately, I am not sure which "Apple MPEG2Codec.component" is the later one. Since reinstalling and updating iLife did not result in a working component being placed in the proper folder, I am, as yet unsure if the component update was somehow skipped or if the the older, working component is no longer supposed to be used. In any case, I've left the working codec component installed on both platforms until or unless some sort of a problem develops.