The HD videos are compatible with FCP, but are not editble for FCE. To get the best playback, some FCE users are likely try to import the HD quality to Final Cut Express 4 for further editing. But they won't successfully do the importing. We have to convert the MXF footages to a compatible for for editing with FCE. AIC(Apple Intermediate Codec) will be the best fotmat for converting. AIC is a high-quality 8-bit 4:2:0 video codec used mainly as a less processor-intensive way of working with long-GOP MPEG-2 footage such as HDV.
Aftering searching and comparisons, I found brorsoft MXF to FCE Converter would be your best choice. First, like other products, the software can transcode MXF to any file format. Secondly, it has the tool allows you freely change the video and audio settings to get the best quality for editing and playing. Next, it also can be worked as a powerful video editor, which can merge several files into one single and trim or crop videos. Last, it has been used for many people, I have searched many good reviews about the tool. I believe you will be satisfied with the fast conversion and HD quality.

Step 1. Connect your cam or CF card to your Mac. And launch the MXF Converter to load file to it.
Tip: You also can check "Merge into one" icon to batch convert several MXF clips.
Step 2. Choose the AIC MOV as the best ouput format from "iMovie/Final Cut Expree" menu.
Step 3. Click "settings" to set the video size, frame rate, bitrate, ect as you like, you'd better set the parameters as the below picture.

Step 4. Start reformating Canon C500 MXF to AIC for your Mac editors.
As long as the conversion is over, please click "completed" and "open" to find your converted file. Thus you can easiy transfer it to your FCE.
Tip: The convert tool also can help you transcode MXF videos from Panasonic/Sony to a comfortable format for FCP, FCE, iMovie, Adobe, Avid, ect NLE's.
Related Post:
Transfer Canon XF305 recorded MPEG-2 MXF files to Final Cut Pro X
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