Okay tested my Clips with Power Director 10 Ultra now and guess what? Smart Rendering is working perfectly with my Canon M41 material. So the reason for this problem was: The Trial Version seems not to support any SVRT because of the watermark. It took me a long time research on their homepage to find that out though. I guess more people would buy Power Director if they could check BEFORE buy if the Software works with their material. I had luck with my Canon.
So my experience so far: Power Director 10 Ultra (Deluxe does NOT support it) is the only Programm on the market that has a useful smart encoding support for AVCHD files. At least for the moment. Magix, Nero, Pinnacle, Sony... did not work for me.
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