Moth3r said:

You could remux the video & audio streams into a different container (M2TS) using tsMuxeR.

I can say from experience (albeit quite a long time ago) that this works. Premiere Pro is, however, quite slow when working with AVC compressed video files (due to the compression, I think).

You may also find problems (or not) when exporting due to caching, insomuch as that it will render certain cached frames over and over for the duration of the clip. The best bet is to export directly to a lossless format such as Lagarith or HuffYUV if you have the disk space as soon as its imported into Premiere, which makes it faster to edit and generally easier to work with.