I just discovered an inexpensive workaround for editing AVCHD. I wrote it up here on my blog : http://cineform.blogspot.com/2007/04/avchd-support.html

Basically the Elecard MPEG player with the option AVCHD module is all you need. This will enable all CineForm's PC apps (with HDLink) to batch convert your *.m2ts (AVCHD) media into far more editable CineForm AVIs. Editing AVIs instead of the heavy compressed MPEG4 transport streams, will allow AVCHD camera's to be much more useful.

I hope this is helpful news.
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David Newman
web: www.cineform.com
blog: cineform.blogspot.com