Hi Tom,
no and yes.....
this is what the technotes at adobe has to say on the subject.

http://tinyurl.com/5q5pbr

Adobe Premiere Pro CS3 and Adobe Premiere Elements 4 do not natively support
the AVCHD format...
Panasonic
AVCHD clips recorded by Panasonic cameras can be easily converted to P2
DVCPRO HD for editing on existing systems using a free AVCHD transcoder
available on the Panasonic Broadcast web site, or transferred as
uncompressed HD video using a simple HDMI to HD-SDI converter.

Best Regards,
Richard Peoples


> Subject: [AP] AVCHD question
>
>
> Hi folks,
> Can anyone confirm this AVCHD info for me?
>
> In the brochure for Panasonic's AG-HMC150 camera, the "AVCCAM", they
> claim that AVCHD clips can be edited by Premiere Pro CS3.
> Is that true? Was it in an update I didn't notice?
> Or is that a typo, they meant to say the new CS4 version of Premiere?
>
> Also, they offer the AVCHD to DVCPro HD transcoder software. Does that
> software only work with Panasonic's version of AVCHD clips?
>
> Thanks,
> Tom
> --
> Tom Mansell
> 734.213.0500
> Russell Video Services
> 4528 Concourse Drive
> Ann Arbor, MI 48108
> www.russellvideo.com
>
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