I thought I'd post an error indicative of the problem some are having with AVCHD files.
In this example, we have a single piece of media, with a duplicate track. The top track has a B&W effect, the bottom track has 3-wheel color correction applied.
Clip is 2:20:05
Source is Canon 5D (1080/30p)
There are no other user apps running.
Preview is at (good/half) to save memory
Encode did not complete a single frame before error
http://i666.photobucket.com/albums/vv28/perroneford/LB/lowmemory-1.jpg