Agree with Rockmore - transcoding is for grading and fx - no need to transcode for assembly. So a time and render-saving workflow would be to transcode the clips without applying fx or transitions when the edit is assembled, and then only transcode what is needed for grading/fx/transitions. You will need to interpolate the video stream to a better color space before applying any processing - going straight on h.264's compressed color space will give bad results.
Two fast intermediate codecs for HD are cineform's and Matrox I-frame HD. Matrox is free, cineform costs $99.
Two fast intermediate codecs for HD are cineform's and Matrox I-frame HD. Matrox is free, cineform costs $99.