Help!! Seem not to be able to edit hd video on mac!

Ok I used to have a panasonic DVX100B , now I have a Canon 7D , and my footage that I put on into Final Cut Pro runs super slow and I'm not able to edit. I have an older G5 Mac. 1.6 Ghz, with not much memory on it, but enough. Any advice?
 
Transcode your 7D footage to ProRes first. I use ProRes LT but any ProRes is ideal. Use Compressor or MPEG Streamclip which is free. Then the footage should be just fine, no rendering in FCP just to do basic editing. But with that said, main reason I sold my G5 was that HD was more hindered by the computer speed and video card itself.
 
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