I have been waiting for this to come out ever since I heard about it last year. This for me has become the best way to convert my Canon DSLR footage into Pro Res. It takes advantage of multi core macs. If you have a quad core then you can convert 4 files at one, 8 core then 8! This definitely speeds up the conversion process if you have more cores.
It also can create proxies with burnt in time code if you want for doing offline editing. This is a big deal for me. On shoots I can convert all footage to Pro Res and do a low res proxy with timecode so I can give to the producer who can then log them without any hassle just using standard quicktime on any mac, even a basic laptop as the timecode is burnt in.
It will also conform your 50p/60p into 24p during conversion for slow motion. Although 25p is not currently supported I assume they will add it soon…I also convert most of my stuff to LT so hoping they will add that as well.
Without a doubt it is the simplest way to convert Canon footage to ProRes and it does not need a directory structure like the E1 plug in. Speed wise it depends on your Mac. Some find it faster than Streamclip others don’t. I haven’t done a side by side conversion test yet but i will soon! Be great when they do an update to support LT, HQ and loads of other formats as well as the 25p conform.