I don't understand capture cards - PLEASE HELP

I've seen other posts that dance around this, but what I want to know is ... what exactly does a capture card do and when do you need it? I'm about to edit a feature to be shot on the panasonic hvx200. We will transfer the p2 cards into my G5 each night. From what I understand, Final Cut 5 allows you to transfer the p2 files directly into the project. So, my second question is this: can I edit 1080p footage on my G5 and play back the sequence in full screen on my 23 inch HD monitor and get a true high def image? Or, do I need additional equipment. Thanks for the help!

For your workflow, or the DVCPRO HD workflow for that matter, does not require a capture card. With the P2 cards, you just transfer the footage. If you shot with the Varicam, then you can capture via firewire with the use of a DVCPRO HD deck. No cards needed.
Capture cards are required for footage that cannot be captured via firewire: BetaSP, Digibeta, HDCam, D5, VHS, 3/4".
With your 23" monitor on it's own, you can preview the footage with Digital Cinema Desktop, but that won't be a "true HD image." For a true HD image you will need to either route thru a Panasonic 1200HD deck, or use a capture card (Kona 2, Kona LHe, Decklink HD, Decklink Multibridge) and use an HD SDI>DVI converter box to route to a SECOND 23" monitor for a "close" to true HD image. The only way to get a true HD image is to use an HD monitor.
http://www.kenstone.net/fcphomepage/dvcpro_hd_workflowbalis.html
Shane

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