editing 5d mark2 h.264 then exporting final as prores, loss of quality?

I'm considering switching editing platforms to cs5, but i'm not sure if the quality of color correction with Magic Bullet looks will suffer without the pro-res transcode. Are there any major drawbacks to this new, faster workflow of editing the h.264 then converting to pro-res in the end?

Thanks!
 
Whats your source footage exactly
Magic Bullet is not supported by the MPE hardware.
You could consider Cineform, visually lossless and 4.2.2. which is very good for CC.
 
I would recommend to before edit, take any H.264 footage from the canon cameras, and take it to a pro codec, you can use cineform, but use DVCPROHD, it works like a dream in CS4/5. is 100Mbps and 4:2:2. ok, pro-res is 10-bit and dvcprohd 8. but it works natively in CS4/5.

- Derrick
 
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