I rummaged around the file system. I did not find
/Masters folder in my $home. There is no
/Master folder in the root. I just checked. I know my way around the file system, enough to discover a clever way to keep your AVCHD folders any way you liked them and mounting them as fresh camera repository to their video editor using symbolic links. (Search for symbolic link, avchd in the same 140mandak262jamuna handle.) I know I can take anything out any way I want to. But it was not easy, not was not intuitive. I was probably expecting more and it needed a lot of work.
My biggest beef was it was converting all my videos to quicktime. And it id not support mpg files directly. It wanted me to buy some software for jpg support. After shelling out 1300$ I hated being nickel and dimed for stupid mpg2 support. At that point I lost interest and just gave the machine to my kid. It still works it is on the next desk. But I touch it rarely. When I got it fresh, I did lots of stuff with ffmpg, scripting it to reencode some videos etc. I had an external hard disk that failed and after that there were so many dead links it was a pain to use iPhoto. I was not willing to spend the time to learn enough to clean it up.
Unless you are careful and know your way around unix basics, Apple will trap you into their walled garden. They have their own video format, audio format, image format, even ascii files have a different line ending.