UPDATE: If true, this is annoying:
Supported OSes:I'm still running 10.5.8...
MacOS 10.6.2 or later
It seems to work fine with 10.5.8.
I imported a 16sec file and it took 58 seconds through Log & Transfer, and 52 seconds with MPEG Steamclip (both exporting to ProRes 444). Final Cut defaulted to ProRes 444 for the EOS Plug-in when it was installed.
To use the Archive function, you must be viewing in Hierarchical format, and then Control-Click the volume name and a pop-up appears with the Archive to Disk Image option.
Canon documentation can be found here: Introducing EOS Movie Plugin-E1 for Final Cut Pro