Just got a camera HMC-150 and am trying it out for the first time.

Here is my system:

asus p6x58d-e
windows 7 64bit
24 gig ram
i7 950
GTX-470 latest drivers
antec 1000 watt power supply
5 1t Western Digital Black Caviar Drives

Scratch Disks:
Video: Drive G - RAID 0
Captured Audio: Drive D
Video Previews: Drive G - RAID 0
Audio Previews: Drive D

Test clip: 1080p 30frame and 720p 60

I put the clip on the timeline and it plays fine although on occasion there is a little skip.
If I put a 2 second dissolve between clips it really stutters and slows way down.

Any tips?

Have you ensured that GPU hardware acceleration is enabled, and which type of dissolve? A dissolve takes a lot of processing since most or all (depending on which particular dissolve it is) pixels on each frame of the transition require calculation, so GPU acceleration makes a huge difference for those that are enabled.

I think I found the problem. As a test, what I did was to import 1 clip. I then cut the clip in half and connected the two clips back together with a dissolve. Seems to be an issue when you do that.

No problem when using 2 separate clips.

phew!

Mickey
Keep in mind that this sort of thing is only a previewing nusiance.
It has no impact on the image quality of the final output render for delivery- BR, DVD, Web, etc.
When I run into a glitchy preview, if it irritates me enough I will just render the preview, or you can reduce the preview resolution to 1/2 and reduce the system demands.
MPE hardware acceleration helps a lot, as Pete mentioned.
Also, under Preferences>Memory- make sure that around 19GB of RAM is assigned to PPro, and that rendering optomization is set for performance.
With your system, CS5 should run fast and smooth :)