I formatted the card Mac OS Extended (Journaled) as they suggest in the manual, and I'm getting dropped frames like crazy. My guess is that something is happening in the formatting process that's messing with the card somehow and making it write really slowly. I brought the card back and exchanged it with a 64G card, which worked just fine shooting about 20-30 seconds of footage at the store.
Got home, formatted the card, same deal. Not sure why I decided to format the card since it seemed to be working ok straight from the factory (guess I just like the idea of journaled formatting), but it shouldn't matter as long as it's HFS+ or exFAT, right??
It could be a camera issue. If you can find another camera, try formatting with that. If that format works in your camera, something's probably wrong in your camera. If it still doesn't work contact BM Tech Spt.
MacPro 8-core 2.8GHz, 16 GB RAM, OS 10.8.4, QT10.1, Kona 3, Dual Cinema 23, ATI Radeon HD 5870, 24" TV-Logic Monitor, ATTO ExpressSAS R380 RAID Adapter, PDE enclosure with 8-drive 6TB RAID 5
FCS 3 (FCP 7.0.3, Motion 4.0.3, Comp 3.5.3, DVDSP 4.2.2, Color 1.5.3)
FCP-X 10.0.9, Motion 5.0.7, Compressor 4.0.7
Pro Tools HD 10 w SYNC IO & 192 Digital I/O, Yamaha DM1000, Millennia Media HV-3C, Neumann U87, Schoeps Mk41 mics, Genelec DSP Monitors, Prima CDQ120 ISDN
As it turns out, the PNY cards- particularly the ones with the blue stripe on the front- are causing problems for everyone. Here's a follow-up email I received from BM customer support about the issue (they were very helpful):
"Per our phone conversation, we recently discovered an issue with PNY cards due to a change in the way they label their cards and assign model numbers. The resulting issue is that certain cards are not reading or writing as fast as they should be. This is why you are experiencing dropped frames when shooting on your Pocket Cinema Camera with PNY cards.
We are currently working with PNY to sort this out. In the meantime I would recommend going with SanDisk cards.
Here is a post on our forums that explains this issue in more detail: