Well thanks to Mary and Jim I got some longer bits of raw footage to play with, thankyou to the both of you. 
Yes the footage looks pretty darn good alright. 
The raw files played at full screen no problems.
Most of you are on MAC book pro's but I got a 17 inch PC equivalent with built in twin drives running EDIUS 5.10 on it.
I found that the reason I could not find the 1920/1080 30p setting before was because I was in a PAL project.
So I opened up a new 1920/1080 30p project and dropped the raw clips straight onto the timeline, hit play and away they went although not realtime, but not too far off.
You could scrub the timeline and do basic edits but its just all abit too sluggish to really work with.
So I right clicked on the files in the bin and converted them to the Canopus HQ codec which took about 1.25 seconds for a 1.07 length clip.
Then the clips played real-time, could even add a title plus colour correction with slow mo and they still played real-time.
Using a simple transition fade was fine and so were quite a few 3D GPU transitions.
The timeline would just slow down on the harder ones but it still played through.
I then encoded out some normal DVD spec files, Blu_ray, wmv and quick time ones.
All was pretty easy and rather quick to render out.
Out to a DVD spec file was about 1.1 speed.
I also clicked one button on the timeline to get a full size image grab, opened it up in Photoshop and you have an instant underwater image. 
Playing those rendered out files all looked pretty good too.
So there you have it, on a simple $1800 AUD laptop running some NLE software, one can edit theses amazing quality files.