Best Format to Convert MXF To

I'm trying to find a way to use FCPX even though it doesn't support Canon XF like it says it does. Right now it's unusable.

There are MXF converters out there, but is there any format I can convert into without losing quality? For instance, the MXF for Canon is a wrapper that holds MPEG2 files. Can I simply convert to MPEG2 without loss of quality? I would love to have a way where the end product is a frame for frame match, simply in a different container (or without one).