Anyone know the cheapest software package that can handle T2i footage without having to take a 12-step work flow and seriously compromise quality?

It sounds like neoscene is the way to go for convenience and preservation of picture quality - but it's pretty pricey for a plug-in. Anyone know a good NLE to go with it that won't break the bank?

Edius Neo2 or Edius 5. Read about it here.
Videoguys Blog - Videoguys' Guide to DSLR Workflows (http://www.videoguys.com/Guide/E/Videoguys+Guide+to+DSLR+Workflows/0x846e07f094732ac6f9a6bc681ad50597.aspx)

Thanks! I'll check them out.

Try Pinnacle Studio 14. Plays and edits MOV files with no encoding or proxies. Ultimate version has lots of plugins.

Search results for edius at Academic Superstore (http://www.academicsuperstore.com/product/search?qk_srch=edius&x=15&y=7)
Edius 5 for $160, and it's the same as the full version!

MC5!
Among others.

Edit QuickTime Formats Natively
Get native access to all popular QuickTime formats, with full access to clip metadata. Thanks to AMA, you can natively access and edit any movie that can be played in Apple’s QuickTime Player (including Apple ProRes and .mov files captured by Canon 5D and 7D cameras) right in Media Composer — no transcoding, rewrapping, or logging and transferring required.

Thanks everyone - those all seem like great, inexpensive alternatives to the programs I was looking at. I'll start with the trial versions and settle on buying one.