Raylight... cool new trick!!!
 

OK, I'm out runnin' & gunning on some shoot. Gotta shoot, then immediately edit, then uplink to the bird via sat truck. Been there, done that, using tape (shoot, digitize, edit, offload back to tape, uplink).

Now, using Raylight, I can shoot, plug my 500 into FCP via USB, edit a timeline using CLIPS DIRECTLY OFF THE CAMERA, render effects on local drive, and then, tah-dahhhh, put the finished edit BACK ONTO THE CAMERA P2 card, and finally, PLAY BACK OFF THE CAMERA via SDI to the sat truck uplink.

Now ain't that just the COOLEST DAMNED THING???

PS - just got an iPhone too... ah'm just rollin' in slick tricks....

Raylight makes this possible for FCP, and yes, it is a complete revolution in workflow.

Premiere Pro CS3 and Avid can also do it, and on Windows you can execute this workflow with just about any NLE. FCP doesn't yet support MXF files, but Raylight overcomes that and lets you execute instant editing like you just discovered!