This is both fascinating, challenging a a little disturbing (all at the same time). Everyone can get round the audio, just parts of it will not come from glass, purists will claim it a flaw.
The thought of having 100s of short clips to be converted is bad. There are other edit suits, we all know that. I have not read around if FCP will be updated to include mp4 - is that some Apple issue?
Glass is only a prototype+, so I wonder if the video is 720p as a sensor issue or simply to keep file s sizes small(er)..