I recently bought a Panasonic AG-HMC-150. My questions is when I upload the footage, what format should I use in Easy Setup? I shot some footage in 60i, and 24p, with the highest quality. Everything that I try, when i drop the footage into the time line, FCP asks me if I want to change the sequence settings to the appropriate settings. So oviously I am setting up the sequence wrong.
Also when I export it using Quick Time Conversion so I can can compress it in Compressor for a DVD, what format should I use? The dvds that i have made look ok, but I wonder if they could look better.

When i had my 150, I always used pro res, the standard not HQ, and those settings are made in the L&T window. (probably already set that way as a default)
If I get the "sequence settings don't match..." message I always let fcp change the settings and then go into the sequence settings to check that it's what I really want.
Getting hd footage to DVD is not a direct path and there are many ways of achieving great results. Search for threads on this forum and you'll get all kinds of great advice. Its probably the one universal topic that has no single answer no matter what equipment you use.

Don't bother with easy setup - it's simply not required.

Use the log & transfer window to import the footage from the card, and encode to ProRes 422 (LT). Once the clips are in the browser drop the first one to a sequence and when FCP asks if you want to change the sequence to match the clip say YES. Job done.

When you are ready to export your completed sequence export to a quicktime movie (not via quicktime conversion). In compressor use the 90 mins setting (unless your project is longer than 90 mins!) to make DVD ready files. The use DVD Studio Pro to make the DVD :

Thanks! I just wanted to make sure. And what exactly is the difference between exporting using quick time and quick time conversion? To me, from what I read, everybody has their own preference.

Export to Quicktime will export at the sequence settings without transcoding further (i.e. no additional generation loss). Export via Quicktime conversion will transcode the file again.

I always export directly to a (self contained) quicktime file as my 'master', then do any conversions I need in compressor or after effects.