Was hoping that this problem would be fixed in the latest update, but VP14 still has a lot of trouble importing HDV M2T files into the project. When you first open a folder that contains the M2T file, the explorer window freezes for a few minutes. Eventually it unfreezes and you can double click on the file. At that point, it chokes for a few more minutes before finally adding the file to the project bin.
Here is the mediainfo on the file:
Format : MPEG-TS
Commercial name : HDV 1080i
File size : 17.7 GiB
Duration : 1 h 33 min
Start time : UTC 2017-01-04 07:22:40
End time : UTC 2017-01-04 08:56:34
Overall bit rate mode : Constant
Overall bit rate : 27.0 Mb/s
Maximum Overall bit rate : 33.0 Mb/s
Encoded date : UTC 2017-01-04 07:22:40
Video
ID : 2064 (0x810)
Menu ID : 100 (0x64)
Format : MPEG Video
Commercial name : HDV 1080i
Format version : Version 2
Format profile : Main@High 1440
Format settings, BVOP : Yes
Format settings, Matrix : Custom
Format settings, GOP : M=3, N=15
Format settings, picture structure : Frame
Codec ID : 2
Duration : 1 h 33 min
Bit rate : 25.3 Mb/s
Maximum bit rate : 25.0 Mb/s
Width : 1 440 pixels
Height : 1 080 pixels
Display aspect ratio : 16:9
Frame rate : 29.970 (30000/1001) FPS
Standard : Component
Color space : YUV
Chroma subsampling : 4:2:0
Bit depth : 8 bits
Scan type : Interlaced
Scan order : Top Field First
Compression mode : Lossy
Bits/(Pixel*Frame) : 0.542
Stream size : 16.6 GiB (94%)
Color primaries : BT.709
Transfer characteristics : BT.709
Matrix coefficients : BT.709
Audio
ID : 2068 (0x814)
Menu ID : 100 (0x64)
Format : MPEG Audio
Format version : Version 1
Format profile : Layer 2
Codec ID : 3
Duration : 1 h 33 min
Bit rate mode : Constant
Bit rate : 384 kb/s
Channel(s) : 2 channels
Sampling rate : 48.0 kHz
Compression mode : Lossy
Delay relative to video : -223 ms
Stream size : 258 MiB (1%)
Menu
ID : 129 (0x81)
Menu ID : 100 (0x64)
List : 2064 (0x810) (MPEG Video) / 2068 (0x814) (MPEG Audio) / 2069 (0x815) () / 2065 (0x811) ()