There are multiple ways of transcoding footage from your Canon Mark II 5D or 7D DSLR cameras. Every method more or less will produce a transcode with a bit of quality loss. The challenge has always been to find the fastest, easiest, and highest quality transcode process that enables you as a filmmaker, to maintain the integrity and quality of your footage throughout the post-production process. With that in mind, we have been compiling a list of transcoding software options for your HDSLR footage. Below you will find that we have listed the current methods used to transcode DSLR native footage to a more Final Cut friendly format:

• Canon EOS Movie Plug-in E1
• Cineform’s NeoScene
• Apple Compressor
• MPEG Streamclip
• Magic Bullet Grinder
• Final Cut Pro’s own conversion ability via Media Manager
• 5DtoRGB

The newest kid on the block is 5DtoRGB claims that it extracts every last drop of video quality:

5DtoRGB is designed to transcode your footage to a camera master format, either as Apple ProRes QuickTime files or DPX files. This master format is a much higher quality version of the original footage off the CompactFlash card, and is suitable for editing or visual effects purposes. Transcoding to DPX is useful for visual effects creation (like pulling mattes from green screen footage), as DPX files are uncompressed and retain the most image quality. Furthermore, visual effects compositing programs like After Effects or Nuke work with RGB color (not YCbCr, which is the camera's native format), and so a YCbCr to RGB conversion must be performed by either QuickTime or your compositing program before anything useful can be done.

5DtoRGB shows some example stills of how they claim their transcoding is superior, it looks really promising.