Clint Milby over at Pro Video Coalition sent me this little Adobe CS5 demo video. He cuts directly off the card. This is not recommended. I think he only did it for this demo. Here is a rip from his Vimeo post. Click here for the full read.
“This is a step by step process of cutting footage shot with my 7D right off of the compact flash card. Some of the instruction might seem a bit elementary, but the point here is to show that with Adobe Premiere CS5, you can now shoot, cut and render within the time frame it takes you to prep your footage for editing with” FCP.