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HQ is a higher bitrate (220 mbps), in comparison with ProRes (standard) at 147 mbps. Since 145 mbps is the most you can get from a DSLR (with a 1-2 second recording limit...) I would suggest using standard.
However in Final Cut Pro 7 you can select two new codecs, LT and Proxy, both of which are better suited to working with DSLR material due to their lower bitrate (which is more inline with what you actually shoot at).