For color correction, the biggest fundamental thing is "simply" getting neutral colors (white, gray, black) truly neutral (no color cast). Do that, and often color will fall into place nicely.
Personally, I wouldn't bother with Pinnacle. When I've tried it out, I quickly uninstalled it - struck me as just awful (overly simplistic, klunky and buggy as heck). I'd love to try SpeedEdit, but they don't do trial versions, and I'm not in the habit of blindly dropping a few hundred bucks on an NLE (or any other kind of software, for that matter).
You should have got a copy of Edius Neo 2 with the HMC40, which has some pretty nice tools for color correction. I'd suggest you install it, and start out by doing some experimenting using the "White Balance" tool. It's in the "Video Filters" under "Color Correction". Try experimenting with the color picker to point at portions in a frame that should be neutral (white/gray/black) to automatically remove color cast.
If you upgrade to the newer version of Neo 2 (should be able to get the upgrade free from Panny, but maybe a real PITA with the sucky website), you will have a solid basic NLE that is excellent for being able to work with AVCHD natively.
Thanks..
I am dealing with Panny over the Neo 2 Booster (I have the old disk and the new S/N, and they aren't compatible).
SE has some really nice tools, but well don't get me started on the lack of a free trial. For a company that is normally so good to its customers, Newtek is really dropping the ball there. It has some powerful tools, and Bob Tsasa makes a nice plugin that lets you 'white balance' captured footage (if its all digital, isn't in 'bitage' instead?). It doersn't fix everything, but it seems to be a really nice start.
I wouldn't mistake Pinnacle for a pro solution, but it has a very convenient DVD authoring system built in, and some of the other stuff isn't so bad. Since neither SE nor Neo can do that, it is useful. Some of the cutsey transitions/wipes are handy for the kids, also...
But, for real color correction, you are correct. It isn't anything like SE and presumably Neo, Vegas, Premeire, or Liquid (or FC Pro for those of you on Apples)