Editing process for GoPro Hero 3 Black

I have been searching all over the internet trying to figure out the best process for editing the footage. Some rival CineForm for it's great ability to edit the protune settings, some talk about converting with MPEG Streamclip, and some talk about directly importing to FCPX. But I have also read that CineForm is a waste of time except to maybe trim down long clips and that FCPX doesn't handle the MP4 format well directly from the GoPro.

What I am mainly trying to figure out is how I should be processing the videos before I import to FCPX. I have searched and haven't had much luck trying to figure it out. So far I have been doing GoPro->CineForm->MPEG Streamclip->FCPX and that just seems like a lot just to get it in to FCPX. But if that is the best way to do it then I'm game to do the work for the good video.

BTW - I am new to GoPro and FCPX, but have spent a ton of hours over the past two weeks trying to learn as much as I can on the two. I am currently in Cayman and trying to get the best video footage that I can. (Just flew in today so only have one day worth of video taken on this trip)

Thank you everyone for your help. It is truly greatly appreciated!!!!

I haven't worked with GoPro 3 files extensively yet but I have used them.
On my 2008 8 Core MacPro if I import them directly into FCPX I have no problem editing them but skimming them skips significantly. This makes it hard to find exact points in shots. I compare this with AVCHD which I've also worked with natively (both are H.264) but skims fluidly. My guess would be something about the GoPro GOP structure is a bit harder to handle natively. On a newer Mac (quad i7 Sandy or Ivy Bridge) it might be more responsive.

You can import the files directly though. If it doesn't handle well, you can transcode to ProRes within FCPX or you can set FCPX preferences to do that on import. Since FCPX does its own transcoding there's no need to use external transcoders.

I haven't tried using GoPro Cineform Studio to transcode to the Cineform codec though. It would be an interesting comparison between it and FCPX's internal ProRes transcode.

But you can import directly in FCPX and/or transcode to ProRes in FCPX.

Yes, as cseeman says we import the GoPro stuff straight into FCPX and there transcode it to ProRes (rightclick file and choose transcode -> optimized media). That can take a while depending on the file size but happens in the background so you can start editing right away. Just make sure to have enough disk space as the optimized files get much bigger.

We use the GoPro quite a lot and so far found no use in using cineform or streamclip. Maybe it makes sense in different scenarios, though, our stuff is mostly quite basic.