Divergent Media has released ClipWrap 2.0
(http://www.clipwrap.com/overview.php), an update of the US$49.95,
Mac OS X utility that “rewraps” the video samples from your existing
m2t files without re-encoding them for quick conversion speeds and no
image degradation. The new version adds AVCHD support.

ClipWrap converts m2t, mts, and m2ts video files into QuickTime
movies for editing in iMovie, Final Cut Pro, and Avid. The original
video data of the camera-acquired clip remains intact; ClipWrap
simply places this video data within a QuickTime container so it can
be read natively. Files can also be transcoded from the native HDV
codec into ProRes, Apple Intermediate, DVCProHD, or DNxHD formats;
adding support for editing in iMovie, Final Cut Express, Avid, and
any other QuickTime application.

With version 2.0, users are no longer required to post process every
clip in a laborious transcode that could last hours, cause generation
loss, and consume vast amounts of disk space, according to the folks
at Divergent Media. It’s a $19.95 upgrade for all registered users of
version 1.x. A demo is available for download.