Newbie Help - DVX200 to FS-100 to FCP

Alright, I have a quick Q, hopefully someone can help. I'm recording in 720p/30 just fine to the FS-100 (what a great device!).

However, when I Import -> Panasonic P2 it brings in the clips just fine, but
it seems to be downgrading the video to a 4:3 aspect ratio letterboxed. This is evident when I tried to export into a 16:9 ratio and things looked stretched.

Is there something with my FCP settings I need to change? There is nothing in the FCP book I have about this topic!
 
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