Ok I know H.264 is a CPU intensive codec, but this is ridiculous. Playing it back in Quicktime or VLC at half resolution on a Q6600 quad core, it only uses 33% of the processor - but STILL stutters.
Same result here and I only have a modest Macbook Pro with Core Duo 2ghz chip. The bit rate is so high on the source footage Quicktime can't handle it properly. Both pieces of software, IMO need huge improvements and native AVCHD support.
The camera has dedicated hardware to record and playback H.264. Things are always faster in hardware than they are in software.