I'm setting up for an HD project. We are now defining the work flow.  We are thinking of recording on P2 cards.  Can AL7.2 work with P2 data? We will shoot in 1080P or 1080i

There is limited support for P2 workflow. Note that only a few limited formats are supported. You use X-Receive to bring the material in from the P2 card. Media Composer has much more sophisticated support for P2 through the AMA feature.

From the Liquid readme file...

 

Support for DVCPRO HD (XReceive P2)

1080/50i, 1080/25p and 1080/60i, 1080/30p are supported via XReceive from P2; Timeline editing is possible as well.

 

 

Thx   Just installed a workhorse for media composer 2.8 and looking at getting 4, I'm duel booting the drive with Liquid in case --hard letting of of what you know....

I don't believe 2.8 had AMA but it did have a robust P2 workflow. AMA makes it very easy to work with P2 media.