I'm just using Compressor for now. But I do enjoy the Log and Transfer options built into Final Cut. I will anxiously await an update. 
Might be awhile. Fcp7 is archived software.
Yeah good point... I don't think Apple will support FCP 7 for much longer if at all... FCP X on the other hand, should be able to edit 5D files natively, if not, I'm sure it will soon enough.
I prefer the Quicktime 7 method to Compressor as it's a lot quicker 
I like compressor because of the settings I can dial in. Then again, I've never used Quicktime to convert my footage to Apple Pro Res 422 either, so I'll have to give it a go.
I also have Final Cut X but I'm not nearly as comfortable with it as I am FC7 yet.
Hehe sorry, I should have explained that I work as an editor, and I know what Compressor is / does, and I wouldn't reccomend using Quicktime unless it did as good a job / better than Compressor

Quicktime 7 (not X) is able to convert files just like Compressor except that it's much faster and efficient at doing so. See screenshot below for an example of how it works

Compressor, especially dealing with batches just takes too damn long (even on a top of the line Mac Pro), when footage comes in from a shoot in the TB's, transcoding in Compressor would take days, and if I had to wait that long, I'd probably be out of a job

And I know, tell me about it, I haven't got FCPX yet, our suites haven't been updated but I'm so used to 7. I plan to get X for my laptop and work on it personally before I incorporate it into my workflow, I went to a seminar hosted by Apple here in Australia though with a full demo, and it is a very powerful peice of software

Each has their pro's and cons

