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Originally Posted by synth3tk
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(disclaimer: I work for the office of Sony that develops Vegas and DVD architect, though I don't work directly on those products)
Vegas is a great piece of software, and can directly edit AVCHD video straight from an HD camcorder. I've used it to great effect with a Sony hard disk camcorder. You copy the MTS files straight off the camcorder (no analog/firewire import, just straight USB2) and can go straight into vegas for editing, no converting required. It takes just a few hours to learn, and you can learn as you edit.
It also integrates very well with DVD architect (which I believe now has a Blu-Ray authoring capabilities), so you can burn to a DVD or Blu-Ray with minimum hassle.