>1. Does this mean that editing in a 59.97 time base as dictated by the use of the FireStore, I am not taking advantage of the 24 progressive frames?
Yup. The only way to get 720p at 23.98 is with a P2 card and shooting at 720p 24PN. You can shoot 1080i 24pA with the card as well, and FCP will remove the advanced pulldown. I don't think the Firestore records the Advanced pulldown...worth a test.
>2. If I use the Variable Frame Rate, and shoot in 60FPS, then I am unable to get the smooth slo-mo feel? The camera maxes out at 60 FPS.
Yup. You are not able to get smooth slow motion if you shoot 60fps for use in a 60fps sequence. Just like 30fps slowed down in a 30fps sequence isn't smooth.
>I purchased the camera for the same reasons most people do. To get that 24 progressive frames and have a film like look.
Then get a 64GB P2 card. They are only like $650.
>Using the Firestore, seems to eliminate all of the benefits of this great camera.
WRONG! You reap a LOT of benefit of this camera. Shooting 4:2:2 color space, instead of 4:2:0 that AVCHD, HDV, XDCAM shoot in. Shooting with 3 CCDS, and not a single sensor that can give you rolling shutter (CMOS sensor). Nice codec for easy editing in FCP (DVCPRO HD). You can also shoot directly to QT on the firestore, eliminating the need to log and transfer.
But yes, the P2 card, that the camera was designed for, has more options. You bought a great camera, but a third party add-on device that doesn't do everything that a P2 card does. BUT, I think the drive can record 1080i 24pA...and you can remove pulldown to get to 23.98. And then shoot 720p60 for smooth slow motion...upscale the footage 50% from 720p to 1080. It doesn't do a bad job of that.