While Premiere Pro's AVCHD shortcomings are apparent, Adobe's editing application gets high marks for being among the few that will edit HDV files in their native format. As Tim Siglin points out in eventDV's The Amen Corner:
"Having done work in Premiere in native HDV, I assumed I would be able to grab any of the HDV editing tools, capture the footage, and transcode the files on any platform. I was wrong."
Keep in mind that HD editing requires a very powerful computer which means more money. To learn more, check out the HDV Handbook at Videoguys.com