Can I edit Canon AVCHD files & P2 files in CS3??

I found this:

http://kb2.adobe.com/cps/403/kb403297.html

I want to keep the avchd from the Canon in top quality. Which option is my best to combine the canon avchd (mts) files to panasonic P2 (mxf) files and keep that high hd quality for editing? I want to edit the footage on pp cs3 and I would like to go the cheapest route since I am upgrading to cs5 with a new pc in a few months. Thanks.
 
The cheapest rout is to wait for CS5. CS3 as mentioned before does not support AVCHD you need to buy a converter.
 
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