Transfer and archive every shot on 2 FW800 HD's and Bluray, after shooting. I also put all the shots into a database for quick retrieval.
Then when I need to use the footage I take all the shots from the pertinent shoot and drop them into FCP. I use FCP to pick the shots / portions I may want to use and and export them by reference.
I then open M100 and import them into M100 bins with appropriate names, import settings usually Prores. This import puts all the footage on our 12TB raid, the original footage stays on the archive FW800 drives. And get on with the project.
It would be really great to work natively in M100 with the EX footage, but I find this way pretty fast, and you only transcode the parts of the shots you really need. If you need more just go back to the FCP project find them and import those to M100.
I kind of use FCP as a preview app for M100. I also sometimes do cc in FCP before importing into M100. Final grading is usually in Color. I keep the FCP project files in the same folder as the original clips on the FW drives, thus it is quick too find all the footage in the future.
This is exactly the way I am working, but I would love to cut FCP out of the mix. With Apple becoming more consumer oriented (justifiably on a dollar basis), I see a very large opportunity here for M100 to move into the space Apple gives the impression that they are currently ignoring. File based orientation with EX and above, Sony, P2 Panasonic and AVCHD and Intra, that is the future. Make it easy to edit and reacquire and M100 would give me little reason to mess with FCP. That and a good color grading plug-in which I think I saw in a recent tech webinar-good to go!
Sony PMW-EX1,Pana AJ-D810 DVCPro, DVX-100, Final Cut Studio 2 and 3, Media 100 Suite 1.1.2, AJA ioHD, AJA Kona LHi Avid MC, Macbook Pro Core2Duo, G5 Quadcore PCIe, Media 100i/XR