m2t file format at .MOV?

Will P5 accept .m2t file format? Or is there a way to save a HD capture that is in the m2t format into a file that is considerably smalled than converting to QT .mov? I'm currently using MPEG Streamclip since Adobe Premier Pro and Canon HV20 are not compatible in HD ... yet. The difference in size is 100,000 in m2t versus 500,000 in .mov photo B . What are ya'll doing? AND what can P5 guys & gals tell us?
Thanks!!!

Yes - while we haven't officially announced this yet, we are now accepting HDV native files. These should be prepared in the Quicktime .MOV file format, though, so if you are working with AVIs you will need to convert them over to MOVs before uploading. The MOV files should be the exact same size (and quality) as the original AVIs - and much smaller than if you're using Motion- or PhotoJPEG codecs.

Just to be clear, AVI and MOV are different types of video file containers. The "content" of the containers is the video, compressed with a given codec. HDV native material - which uses a variant of the mpeg2 codec - comes in both AVI and MOV packages, and can be converted between the two without any quality loss.

Since canon HV20 and Adobe Premier Pro are not yet compatible in the HD mode I'm using HDVSplit to capture the clip from the camera. The capture is in m2T file format. I then use MPEG Stream Clip to convert to AVI format. Up until now I also used it to convert to QT .MOV using Photo B codex. The raw capture from HDV Split in m2t could be only 90,000 yet when converting to .AVI or QT .MOV Photo B is about 500,000.
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So can you be a little more specific on how to keep the file size small but acceptable starting with a m2t file from HDV Split and MPEG Stream Clip programs. Maybe step by step if you have access to these two free downloadable programs.
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THANKS!!!