Agreed with Trevor. Your best bet is to use the Canon EOS e-1 plug in found here:

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

Just choose Mac OS X and then EOS MOVIE Plugin-E1 for Final Cut Pro. Once installed this will add a new option in the LOG AND TRANSFER option which can read straight from your card and convert to Prores. I'd advice converting to Prores LT if you are on version 7 because the 7D (and 5D) don't shoot higher then 30 mb/s anyway. It is setup to encode toe Prores4x4, which are huge files, so change it in the preferences.

If you've already copied over the raw files, thus breaking the card "structure", you are still in luck. Just dump all of those .mov's into compressor and add the prores compression of your choice (again, LT if you've got it)

Then, just like Trevor said, just drop the footage into a timeline and let it reset it for you.

Trevor's settings are perfect, with the exception of the framerate fluxuating based on how you shot. He is overcranked and brought down to 24fps your results may vary.

If you want to edit NATIVE 5D or 7D footage your only choice right now is Premiere and soon Avid, but I assume FCP isn't far behind.

Thanks!

Be aware that the EOS e-1 plug-in will run in the Log and Transfer utility of Final Cut Pro. I made the mistake of continuing to work in Final Cut Pro as the Log and Transfer utility was transcoding and importing the Canon 5D footage. What happened was about 50% of the clips did not import correctly. Make sure you back up your card either manually or via the Log and Transfer Utility, and always double check your imported footage after the transcode, most the time if the process has been interrupted, the clip will be impartial, and not have been imported in its entirety. Best practice is just to leave Final Cut Pro alone during the transcode process.

Very good to know. Thanks!