would this computer be okay for HPX500 feature?

That computer should be perfectly fine for editing in FCP. I would probably suggest getting some more RAM at some point down the line. My main editing machine has 9GB of RAM in it, and sometimes that doesn't seem like enough if I have too many things going on at the same time.

That said, I can easily edit DVCPROHD footage on my mac laptop with 2GB of RAM as well as on my old PowerMac G5 tower.

All my editing tends to be of footage that is on FW800 hard drives (typically Lacie or G-RAID2)
 
That would be great for editing DVCPROHD. I have used to edit 1080 DVCPROHD an old G4 with 2GB of ram, a Macbookpro core2duoe 2GB, a Macpro quad 4GB ram and a Macpro 8 core 16Gb ram. The 8 core at first for some reason was not much faster than the quad. I think that FCP6 was installed prior to a few QT updates and the 6.2 update that could very well have been the reason. Either way the setup in the link will mean happiness. Though you do need good storage and backup for the footage, but that is a whole other thread already.
 
Good setup! DVCPROHD is much easier to handle than HDV, that's for sure.

If you get these items separately you might save some $$$, though...but I haven't done the math.
 
I got a dual two-core 2.66 mac pro and have since added a 750tb hard drive, 4 gigs of ram (6 total), two Dell 2408 HD monitors for about C $3,600. When I get FCS 2 I'll be around C $5,000. If you figure on taxes and shiping you can probably save $2,000 when you figure in monitors if you put one together yourself. I bought my Mac on Craigslist. There are so many people upgrading year or two old macs that you can get a cheapie. I made sure she had the original receipt and applecare left. I just noticed you're in Toronto too. Good luck.
 
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