Importing files from HD from Canon 60D

I have .mov files from a Canon 60D and a Panasonic (both 1920x1080) that go back several years. I'm trying to assemble them into a movie project now in FCE after iMovie turned out to be a huge bust (banding).

When I import the files, they work fine in the viewer and I can set my in and out points, but once they are put on the timeline they show up in the canvas with a blue line through them that says "not rendered" . . .

. . . after I edited the settings to HD, rate: 29,97 fps Use: AVCHD -1920X1080i60 it now seems to auto render the clip? Is this what it's supposed to do?

I haven't tried editing further but wonder if it's going to have to do this for each clip I import from here on out.