I'm having the same issue, I'm using a Cannon HV40, I'm on OS 10.7.5 and upgraded to fcp7.0.3.
When you talk about replacing the AppleHDVCodec.component, what do I replace it with or do I just delete and everything should work. If I have to replace it can someone post the link with instructions on how to replace it
Thanks in advance.
EASY FIX NOW FROM APPLE!
Download the ProApps QuickTime codecs version 1.0.4 from Apple Software Update!
It's been fixed and you don't even have to restart. They fix their screwup. Thanks!!!!
From the updater:
This update adds the following video codecs for use by QuickTime-based applications:
This update is recommended for all users of Final Cut Pro X, Motion 5, or Compressor 4.