Hi,
File->ImportP2 Clips/Media is the "old" way to get P2 stuff into Avid. With MC 3.5, AMA was introduced. With AMA you can immediately use the P2 footage for editing.
The "old" way is still available to you in MC4, but you will need to turn off AMA in the AMA Settings in your Project Settings window (and then relaunch the Avid). After that, the File menu will again contain the File->ImportP2 options.
You can also use AMA to open the footage up to the system. Check
http://www.avid.com/P2/ for detailed instuctions. Basically, you just have to mount the folder structure you noticed on your drive, by pointing to it. After that, MC will use it as a mediadrive.
