Does final cut express support avchd lite?

Will final cut express resolve this issue, being that most of Panasonic's point and shoot cameras use avchd lite?
Reasons I bought this program:
One its good for editing.
Two it says its avchd compatible on the box.
However this does not seem to be the case.
definition of avchd lite: http://en.wikipedia.org/wiki/AVCHD

You make a good point about the audio. I have a Canon SD870 and recently shot some stills and video with it at a birthday party. It takes great shots, but I was actually impressed with the video and audio, probably because I did not know what to expect. In fact, it gave me enough material to edit a little movie for the birthday boy,(he was 50!) in imovie9. The speeches came out clear and the video was very acceptable.
But things can always be better, and that is why I want to upgrade to FCE, and buy a still camera that can shoot HD on the fly and can be used in FCE. I have been a Broadcast Sports TV cameraman for over 25 years, and I am very tired of lugging around bulky TV camera equipment. It seems a novelty to be able to shoot and edit HD on a pocket size camera.
Thanks for you input Al, I appreciate it. I still have two outstanding questions and I apologize if you have already answered them. First, How good/bad is the video quality with HD video captured on AVCHD Lite and then converted to use in FCE? Second, where does MPEG 4 rate in all this. Thank you.
Bill

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