Canon just released log and transfer capability for the 5D and 7D. Now you can bypass MPEG Streamclip and convert your footage directly to any flavor of Apple ProRes 422 right in Final Cut.

You can download the software here:

www.usa.canon.com/consumer/controller?ac...62#DownloadDetailAct

Here are some instructions that Canon suggests following to become accustomed to the workflow:
www.usa.canon.com/dlc/controller?act=Get...t&articleID=3249

I think this is the best feature:

Create a disk image (DMG file) of the memory card that may be mounted and used for Log and Transfer operations in place of the physical card – archiving all your footage, and freeing up your CF cards for immediate re-use.

Here is a good example on how to use the plugin.