Panasonic GH1 - AVCHD 720 60P Project

I ordered a Panasonic GH1 and I intend to use the AVCHD 720 60P mode.
I understand that its probably using coding with H.274 Main Profile Level 4.0 at 17Mbps.
I already downloaded some sample videos but I cannot edit them in this mode.
1) How do I create a AVCHD 720 60P project? I cannot find such a preset?
2) Since I do not want to loose any image quality, I only intend to cut / assemble my clips with very limited editing hoping that I can re-export with minimal re-coding in exactly the same format, profile, bit rate, etc... How can I do this?

Well, I'll be more specific then - I was reluctant to appear to be using Adobe's forums for touting the features of competitive apps, but at the end of the day nobody in their right mind would say that, for all people and for all purposes, progam "A" is better than program "B" for editing video.  It depends on what you in particular are wanting to do, the style in which you are wanting to do it, and the source device (camera / camcorder) and host PC that you are using.  In reading the following, Your Mileage May Vary!
Currently I have PE7, Pinnacle Studio 12.1 and Cyberlink PowerDirector 8 (just released) on my PC.  And Nero 9.  My source video comes from Panasonic SD5 and Panasonic GH1 devices, in AVCHD format.  The former is 1080 and the latter does that and 720 as well.
In brief, my personal views on these are as follows:-
PE7 - a much more "pro" interface than the others, and I like some of the details like being able to use separate audio and video transitions.  But it doesn't like the 720 footage from my GH1, and it doesn't create AVCHD DVDs which are my preferred output medium (highest quality at lowest cost, as compared with blu ray).  There are ways around this that I've described some months back, and possibly some even better ways that I really should document some time (using freeware) but it's a pity it's not built in.
Studio 12.1 - An interface that seems targetted at kids rather than adults, and the way it goes about some aspects of video editing don't suit my personal approach.  It handles all the types of AVCHD that I've tried it with and creates AVCHD DVDs directly with menus, but it's due for an update in terms of its efficiency in handling AVCHD - you need a PC with clout to get a fluid feel when working on the timeline.
Nero 9 - Has the ability to smart render some (by no means all) AVCHD footage, so if you simply want to edit with no bells and whistles, you can do so and then render to AVCHD file or AVCHD DVD in the time taken to copy the data - no processing happens, and no quality loss is involved.  If I was running a newsroom I'd be sending out my teams with cameras that took Nero-compatible footage and do the editing really fast in Nero ready for the next news bulletin.  But I'd hope no effects etc were required as that's not what Nero is good at.  IT handles GH1 AVCHD footage of both resolutions but only smart renders 1080.
PowerDirector 8 - this can use the processing power of certain Cuda-compatible (and other) graphics cards to give a significant boost to AVCHD playback and rendering performance.  On my 9300 quad core PC I've got it to play four rotated picture-in-picture images on top of a base image all sourced from AVCHD before the PC maxed out performancewise.  It really does make it unnecessary to transcode to something else for effective editing (though you still need a pretty up to date PC).  It accepts GH1 AVCHD (both resolutions) and outputs to AVCHD DVD with menus (and to the other formats you'd expect) but it's smart rendering capability does rather vary with the source - my AVCHD devices don't seem to be on its smart rendering list.  However, rendering is significantly faster than with other apps I've tried and I think the quality is good - though some people on the Cyberlink forum don't agree.  As I said, YMMV.  It has some nice features but the most childish-looking interface of all of them - quite embarrasing to use.
I guess my ideal program would combine the pro look of Premiere Elements, the efficiency of PowerDirector 8, and the smart rendering of Nero.  One day...
Never buy a video editing app on someone else's recommendation.  Try before you buy on your system using your footage.

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