Just to add my own disappointment to the bug that means VMS14 won't edit .m2ts HD video files from my Panasonic camcorder.
It'll play them in the preview window, but won't import to the timeline due to there being "too many channels", i.e. 6, as 5.1 audio.
As I understand it, as a work-around, V13 will import them and saved as a project enables V14 to open them. I don't have V13, so even that absurd procedure isn't open to me.
I gather it'll be fixed in an update, without a due date.