Yeesh... I forgot what a PITA it is trying to coerce Final Cut to work with anything that's not a native "DV" video format. Next time I guess I'll try iMovie. After smashing my head against the screen for a couple of hours, I managed to eek out the following two minutes of video.
http://vimeo.com/19620032
Vimeo says it's still processing, but it should be up in ~20 minutes.