Bob - good question. I think it depends on how you use your video.
I have a 'library' of SD and HD media that I sometimes need to use across multiple projects. I mention this because inside of FCP log & Transfer - FCP creates a folder according to your project in capture scratch - which is fine, but then if you want to find one or more clips from that project to use in a new project, you first have to remember what project it was that you captured the clip into and then you can begin searching through the capture scratch under that project to find it.
When you use your media across multiple projects, it's easier (for me, anyway) using Sony XDCAM Transfer, to place my HD footage inside of a large folder that represents all of my video media and is named in a way that is very detailed for easy access much later down the road. If you go this route, then you have to open up your new project, and in your browser, right-click and import from your library any clips you need to complete your video.
The downside - possibly due to me not knowing how to do it better, is that when you import XDCAM media through FCP you will also get your notes, whereas I don't get notes by either importing the files from the browser (or by simply dragging and dropping the video clips I want into my browser).
IF ANYONE KNOWS HOW to do what I'm doing AND get the notes created from using the Sony XDCAM Transfer software, please let me know. -s
Keystone Media Productions