Is there a way(software) to edit m2t file and output back to m2t without re-render the file?
I mean, for example, in Vegas Video, edit with DV and output to DV, if all editing are simple cut, the codec will actually be by passed, so it simply copy the compressed data of frames directly into new file...
Does this same concept works for MPEG2? I remember I heard some said if frame accuracy is not needed, some software does copy GOPs so in simple cut mode, no re-rendering occurs, hence the quality is intact.

edius does this....

Did some study, sounds Edius doesn't even do HD....
Good news is, the JVC bundle software did great, no re-rendering, so it's very fast and retain the high picture quality.

Now the problem if, seems I can't get capture works properly. It splits clips, one capture ends up have 10s of m2t files. Anyone know any solution?

when you looked up edius did you look at the hd version of edius?

http://www.canopus.us/US/products/EDIUS_HD/pt_EDIUS_Pro_features.asp

there is also a working beta version of a hdv plugin for the none pro version...

Oh, I see. Thanks...