HD editing in premiere pro 1.5.1
 

I only have premiere pro 1.5.1 right now for HD editing. I'm thinking about getting my first HD camcorder Canon hv40 (because it's hdv and will work with pro 1.5.1). But I was wondering if I buy cineform (Cineform Product Grid) and convert the video from an avchd camcorder if that would be editable in pro 1.5.1. I know pro has a cineform codec but I guess people don't like it. I plan on updating my my editing software in the future but want to buy a camera first.