I've imported P2 files into a new project, but they require rendering in Final cut pro. I am set to the same Easy Set-up that I use to capture (using Capture Now) directly from the camera. Is rendering always necessary or can I make an adjustment so I don't have to do it?

I'm recording 720p24. Both the sequence preset and capture preset are set to DVCPRO HD 720p24 (48Hz).

Did you shoot 24p or 24PN?
Are you using FCP 5.0.4 or FCP 5.1?
If you shot 720 24p you will probably need to go into Cinema Tools to remove the pull-down.
720 24p is actually shot in a 60 fps wrapper.
24pN is 24 frames native.
That is really what you want to shoot in if using P2 cards and posting in 24p,
If you are recording to a computer it only records 24p in the 60 fps wrapper.
Hope this helps.

I am using FCP 5.0.4, but your suggestion to shoot in 24pn imported without the need to render.

Thank you.