Alright just got off an hour long phone call with Apple. Here's the skinny.
AVCHD files (which Final Cut imports as interlaced) are not really supported anymore. Some might work fine, others may look horrible. The work around is kind of annoying, but from the quick test I just did seems to work.
•Open up your SD card and locate the folder that contains your AVCHD file (on my cameras it's always labeled "PRIVATE.")
•Make a new folder on whatever Hard Drive you want to work off of. Drag the SD card folder into this new folder.
•Once it's done copying import your footage from this new folder into Final Cut. Make sure "Copy to Library" is selected and "Create Optimized Media" is checked.
•Before you export anything you'll want to make sure the transcoding has finished. You might even want to wait for the transcoding before you start editing just to be safe.
I work at a little Public Access station and I find this change pretty frustrating. With our limited resources saving time is a huge factor. All of our cameras are Canons shooting on AVCHD (although I'll probably change some of the older ones to shoot Mpeg 4 even though it looks worse.) Mojave gave a warning about media that would soon be unsupported, but only ever flagged a few still images I had. It never flagged any footage from any of our cameras. Abandoning backwards compatibility likes this makes me want to abandon Apple.