Originally Posted by Silver Sinema Parker

you can edit or view the 5D footage on FCP on your current system but you need to transcode it to a usable codec. You will lose some image quality. The video feature on a 5D is mostly a novelty since it records in 4:2:0 color space and H.264 If you transcode into another codec you will lose a lot of the ability to color correct and image control. However, if you wish to just view the clip, transcode then set your FCP to dynamic. You should be able to view it without skipping even on your G5, if you add a little more RAM.