I don't think it us any faster it better quality than mpeg streamclip, but once integrated into the log and transfer window, you can now link your media clips to the source material in fcp.
I have put together a short workflow tutorial that may be of interest. I dud this as I wanted a similar workflow to tape and be able to backup and catalog my sd captured clips.
http://bit.ly/9JC7GA
hope this is of some use.
Declan Smith
http://www.madpanic.tv
FCS3 / After Effects CS4 / Combustion / Canon 7D / Canon XL2