Once you've downloaded the application, the process seems simple enough: hook up your AVCHD camera with a USB cable, then watch some home movies. The app can also serve as your PS3 video browser, and includes a World View that relies on GPS timestamps to tag videos geographically.
You can try the application for 15 minutes with a free trial, or pay $5 to have the full version added to your XMB under the Video section. If nothing else, it seems like a good catch for A/V enthusiasts. You know who you are.