Except that there is no way to import 5-channel sound into Studio.
Besweet would perhaps allow separation, but reintegration in Studio
would be impossible or ungainly. There are only four sound tracks (the
primary, the overlay, the music, and the effects), and each allows only
a single mono or 2-channel file.
There are plenty of tracks.
1 (mono or stereo with both channels the same) in "dialog" mode for center speaker
1 stereo track for front-left/front right
1 stereo track for rear-left/rear right
Bearing in mind that Studio doesn't use the LFE channel (and I'm guessing most/all camcorders don't either), we can ignore that track completely.
So, 3 audio tracks -- and you have a track left over. In theory...
Now, mind you, I don't do this (my camcorder is stereo-only). But old dun4cheap messed around with this back in the day, and reported that it did actually work. Would be useless for anything more complex than a simple A>B copy with very few/no edits, but if you were doing a sequence that would actually benefit by using camera surround, it'd somewhat work.
The export of an intermediate file would reduce the four 2-channels to to a single two channels.
Agreed. If you're doing this "trick", you can't use intermediate files.
Even a PC magazine
review of S14 reports that it supports DD 5.1, which is baloney. It does not.
Depends on what it means by "supports", I guess... 
Obviously, no one is doing proper tests.
I used to chuckle when I read Jan Ozer's reviews (like this one) that claimed that Studio had "best in class" stabilization. Must've been the remedial class...
BittMann