AVCHD - Memory Stick in Premiere Pro 2
 

What are my chances on working wiht this format in my current PP2. I see that AVCHD is "supported" in versions CS4 (!) and up. I am going to get some footage from a friends camera (and mine miniDV) and put together a little sports highlight reel for him.
Just not sure what hoops I will ahve to jump through to get his footage to be even workable for me.
Will I be totally out of luck?