Ok, So I decided to install the PIXELA software that came with my Canon HF200 on my HP dv9233cl 17" laptop with 2GB RAM VISTA w/SP1.

I recorded a small 50 sec clip at highest resolution/frame rate (24p).

I then connected the camcorder, and copied over the files from camcorder to my laptop. I noticed that it copies two files. A .mts file, and a corresponding .cpi file.

I was able to play the clip using the supplied PIXELA ImageMixer 3 SE Player Ver 5. The playback was choppy. I then used the PIXELA ImageMixer 3 Ver 5 to add a title, then I saved it and exported it back to the camcorder.

I then used Camcorder's component out and AV out to my HDTV. It played flawlessly with titles and everything! So far so good. I was impressed by the quality.

I then took the SDHC card, physically copied over a .mts file from the card to my laptop directly (not through the camcorder), I was able to add it to the ImageMixer library, edit it, and again copy it back to the camcorder to play it flawlessly.

So, in conclusion, you only need to save .mts file to your computer from the SDHC card and you will be fine. You can also save the .cpi file if you need to, but not needed. I still need to figure out exact purpose of .cpi file. That's another time.

Here's another article from macrumors forum that talks about the pain and some advice: http://forums.macrumors.com/showthread.php?t=707675

Just bought Canon HF200 video camera. And I am very lost on how to save the AVCHD data files used by the camera to computer so it can preserve the quality and I can play it back easily (on a Mac).

My goal is to take the recorded footage from the camera, edit it so I can remove any unwanted junk, and then save it at the highest quality forever for future on hard drive and be able to play it on computer and HDTV.

Some sites I visited and found useful:
Wikipedia Article: Introduces AVCHD: http://en.wikipedia.org/wiki/AVCHD
MacRumors Forum: AVCHD on Mac, WAY better on Windows7 !

Some software:

Roxio's Toast 10 (for video conversions and burning to DVD/Blue-Ray)
iSkySoft: Video Converter for Mac, iMedia Converter for Mac (DVD ripper + video converter)

So my questions --

1. If I want to save my original recordings, what is the best way to do it? Can I just copy the .mts files and file them away?
2. If I want to remove certain portions from original recordings, but not lose any quality, how do I do it. Can I edit original .mts file, remove portions of the clips I don't want, and then save it so there is no loss in quality?
3. How do I play .mts files on computer at recorded quality (and without it being choppy)
4. How do I play .mts file on HDTV so it shows in the recorded quality (and not being choppy) from the computer (not from Camcorder)
   

Some observations:

1. AIC format expand your AVCHD files 3-7x (bad)
2. Mac (I have unibody MacBook Pro, Intel Core 2 Duo, 4GB RAM, the latest available from Apple) doesn't provide me with native solutions
   

A suggestion from one of the forums if you want to convert to DVD (which I don't want, I want to save on Hard Drive forever but be able to play conveniently with original quality):

1. import 1080i with iMovie
2. Edit away!
3. export with "share" -> "Export using Quicktime" settings: HDV 1080i, AIC
4. Burn to Blu-ray via Toast.