Converting 720p 60 fps footage from Canon T2i is pretty easy using Apple Cinema Tools. It’s just a matter of opening the file and pressing a button.
With GH2, however, it’s not so simple since Cinema Tools can not open MTS files written by GH2.
The first thing that has to be done is to convert the MTS files into ProRes with Final Cut 7, THEN use the Cinema Tools.
The easiest way to convert the files is to use the FCP’s built-in Log and Transfer function.
Phil Bloom shows quite nicely how it’s done here.
Update: I have switched to Premiere Pro CS6 recently (July, 2012), AFTER this blog was written. Above rule does not apply to Premiere since I no longer transcode MTS files to ProRes. Premiere, however, can conform 60 fps files directly to 24 fps within the time line. This Vimeo video shows how it’s done very nicely.