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Yes that is one benefit. I have redundancy in my workflow without needing create duplicate files by re-wraping the MXF files into QTs.
The other is eliminating the ingest time. Log and transfer of P2 media is fast but when you add up the time on long form shoots, it can really become unruly. The day I bought it, I saved about 3 hours of ingest time on a project that had a lot of footage needed a quick turn around time. Raylight takes mili-seconds to create a .mxf.mov pointer file. These pointer files play natively in FCP and Quicktime (easily preview shots in QT or FCP, rather than P2CMS).
There are other useful features that occasionally come in handy - removal of 1080pA duplicate frames, creating "P2" cards from any quicktime video (can use the camera to play HD files), even editing P2 files natively in FCP directly from the card.
I would rather that FCP plays well with P2 than use Raylight but I have found it to be another tool to increase efficiency in my workflow from capture to output.