i have been trying out the Prospect HD trial. It seems to work very well Yes, ( and i dont mean to nag) but the only complaint i have is that it seems there is a small delay when you click Play (spacebar ) before the video actually plays. I guess this is normal or is it my machine? I just am used to and liked that when you edit Native HDV from premiere you get that instant tactile playback right away... Perhaps this is normal and fine... Im sure its only one small thing compared to the advantages you get. I remember this kind of delay was also the case with a MATROX card i once used in that there was a small playback delay with it also.

-Or could it be this is not normal and that i have the Cineform Compression set to HIGH or FILMSCAN setting cause it a bit delay as compared to MEDIUM default setting?

The delay is setup up the playback pipeline so get you smooth multi-stream playback, likely similar for Matrox. If you need to see something right way, Ctrl+Spacebar bypasses the pipeline, and using Premiere's playback engine, but playback is much lower performance. Scroll Lock changes the default playback type from pipeline to premiere.