I picked this up via Canon Rumors but it seems to be solid. This will save us all a lot of time. The new EOS Movie V1.2 plug-in will allow the user to convert footage faster and no longer requires the root structure of the files.
Here is a rip from the post on CR.
“Launching to coincide with the start of the 2011 National Association of Broadcasters (NAB) Show in Las Vegas, EOS Movie Plug-in-E1 for Final Cut Pro version 1.2 will make the importing of EOS Movie files even easier, allowing users to transfer files from any folder, without needing to mirror the folder structure on the camera itself.
The update also enables smoother importing from Canon’s EOS 7D, EOS 5D Mark II and EOS-1D Mark IV models, allowing users to import footage without requiring the THM file generated by the camera.”