I have been using Adobe Pr 1.5.1 for years and I always used to capture my footage in Cineforms HDLink then convert the M2T file to AVI and edit that file.

Now I see I can import the M2t file into CS4 and edit that straight out the box. So I dont need to convert the file into AVI. Is this fine? Do I lose anything?

http://www.dvinfo.net/conf/cineform-software-showcase/115554-nutshell-what-cineform.html

Read this for the pluses and minuses to doing it each way.