Just curious here. Are you transferring M2T files from the camera to the PC via USB or does the camera record to tape and you are actually 'capturing' the video stream acros USB as an m2t file?
Anywas... respectfully, Ulead is at the home consumer end of the market as video editing s/w is concerned. To edit M2t files you will need some s/w aimed more at the prosumer level. I use premiere pro to edit my HDV footage. Even then you'll need a good spec box to do it.
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