http://forums.creativecow.net/cgi-bin/new_read_post.cgi?forumid=8&postid=859919&theadid=859787&pview=t

This discussion at the Creative Cows FCP forum is a good read. Especially if you work with Varicam footage. Sure, it has primarily to do with trying to convert an Avid offline sequence for FCP online, but it has a workflow that I was pondering.