Dan,
The EX1 creates a "BPAV" file on the SxS card. This file is a file structure containing the image clip and metadate that FCP can not read. There are two applications that Sony ships with the EX1/3, XDCAM Clip Browser and XDCAM Transfer.
In order to use this clip you need to download XDCAM Clip Browser, which enables you to browse the clips on the SxS cards, and transfer the BPAV file - making sure that the file structure remains in tact. Then you use XDCAM Transfer which is the software that converts the clips into a Quicktime that FCP can use.
This sounds more convoluted than it is. In my opinion this process is much faster and better than digitizing from tape. It just takes a bit of getting used too.
You can download these applications free from the Sony site.