Just tried it on m 17" MBP Core Duo. It works. I have 2 GB in my MBP. I noticed, while I was importing, it tells you when it's imputing in real time, then it switches to 3/4 the real time, etc. I noticed (something for the first time now), what was playing on my computer screen was starting to lag behind the Camcorder Screen. After about 15 min of video, I pressed pause on the iMovie Control screen. The camcorder paused, but the import on the screen kept going until it got to the point where I pressed pause. The entire video imported very well. I'm just guessing... my problems that I wrote above, probably happened because it eventually got to a point where the RAM couldn't hold all the video, as the computer was importing. If I were you, even knowing this, the pictures this camera takes is superb! I am able to get video into the computer, but I'll stop the video while importing every 15 min or so, so the computer can catch up. Then continue the import. It is really processing a lot of data. For example, I looked at the contents of the iMovie file, and checked to see how big the video's were. 1 min of video took about 600mb of HD space. I learned this because I was going to make a CD sample of video to show a friend at work. I could only get 3 very short clips onto 1 CD.
Again, for me, it is very important to capture video at the highest quality that I can now. We are all probably at a point where computers are just able to process HD. Computer speeds will catch up, and eventually the HD video we take now, will process without problems later. I think I was just spoiled with importing the entire DV tape at 1 shot. Now I will just have to remember to pause it every so often, so the computer can catch up.
I was able to get 50 min in 1 shot imported on my 24" iMac C2D downloading to an external FW800 drive. Now playing with this more, I'm not so sure the External Drive makes a difference. I think it is just so much raw data feeding the computer, and iMovie processing it... I thought it pretty amazing technology for the video to be playing ahead of what I saw on iMovie as it was importing in real time. In the past, computers would just start skipping frames. My MBP holds the video in RAM as iMovie continues to lag. This is very useable. I'm guessing that no matter which HD camcorder people purchase now (sony, whatever), will have the same issues. I'm also guessing that if I had a MacPro, there will not be any lag.
Hope this helps.