Does FCP 5.1 allow you to edit natively WITHOUT having to render each edit, imported clip into the timeline? Thanks

5.1 will work natively with 720P30, but you will need to update to 5.1.2 or 5.1.3 for 720P24 or 720P25 native HDV compatibility.

Yes. In native you can work without rendering anything until final output. If you "print to tape" as HDV, pieces of your sequence will have to be rebuilt into the proper GOP. FCP is very good at this.
In theory, a Kona card could output to HDCAM without having to render anything (stay in real-time-render,) but I've never tried it.

Thanks Tim, that's what I thought.

So what's the scoop with FCP and output from JVC's GYHD200u? Can FCP handle 60p as well?

I'll find the forum this stuff is in...but the last one wasn't it...