Please see the attached screenshot - I have imported my files in to final cut pro 7, matched the sequence settings and after setting in and out points in the viewer, I dragged my footage in to the timeline and this happened!!
Has this happened to anyone before? I was shooting on a Canon 5D and all the files are .mov
it appears you didn't convert your files. The QT file the camera produces is H.264. FCP doesn't like to edit H.264...it needs the media to be in an editing codec. You need to convert all the media to ProRes 422, and THEN import into FCP. Use Compressor for this, there are presets for ProRes. And not HQ...just plain ProRes 422.
And yes, the media file sizes will increase dramatically. It's a higher data rate, and less compression...something FCP 7 needs in order to edit it.