@Luis
Completely agree.
I've captured 5 hours of XBox360 footage, which was exported by the capture program as a 300Gb file. To my horror, not many programs can handle that size file.
In FCE/FC7, I could use the "Log and Capture" process to troll through such a file, pick out the clips of interest, and then trash the master file.
I can't do this in FCPX. FCPX will not treat this file as a camera, nor can I package it up into a camera archive, (to use FCPX's fuked up version of log and capture). After clues by Tom in a thread months back, I managed to create a disk image to fool FCPX into thinking it was seeing a camera filesystem, plopped my 300Gb file in there, and was able to convert the file to a camera archive.
But as previously stated in this thread, I too stumbled onto MPEG Streamclip. The one function that Streamclip has which FCPX doesn't is fast forward/rewind. I don't want to troll through a 5 hour video in realtime - I like doing it in 8x speed or higher. You cannt fast-forward/rewind in FCPX camera archive mode.
Pick out the bits I need, set in-out points, export to ProRes422, move to the next bit of footage...
Import the interesting bits into FCPX - done.