AVCHD Editing/Conversion Software: What's the Best for Win 7 64-bit?

I'm looking at buying a decent Hi-Def camcorder in the next few weeks. In my research, I've read conflicting views on what AVCHD editing software works (or doesn't work) with Windows 7 64-Bit.

I don't mind paying up to $100 for a decent editing suite. My questions are:

* Based on personal experience, what is the best (glitch-free) software for light to moderare AVCHD editing that works with Windows 7 64-bit?

* Will the software package do a decent job converting AVCHD files to a standard-def format (MPEG-4 or AVI) if needed?

* Will the software work at an acceptable speed on a system with the following: E8400 CPU, ATI 3850 DDR3 1GB Video, 4GB DDR2 800? If it makes a major difference, I can upgrade the system to a total of 8GB.

Thanks in advance for your help.