Instead of converting the file, if you install the correct codec for HiDef and reboot, you should be able to edit the video without any loss in quality.
DGMPGDec 1.5.0 RC2 (Dec'07)
http://www.free-codecs.com/download/DGMPGDec.htm
Quote:
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DGMPGDec is an MPEG2 Decoder and Frame Server, based on DVD2AVI and MPEG2Dec. It can be used to decode MPEG2 streams from DVD VOBs, captured transport streams, .MPG .MPEG2/.M2V files... Added support for M2TS (Blueray Disk MPEG2) files.
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Also, check in the Premiere manual to see if there's an option to install a native HiDef file importer/codec. I know in Photoshop there's an option window during installation to select which files it can handle, so Premiere will problably have the same. If you installed Premiere before you got the camera, you might have skipped this option.