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I just had some pretty bad frame drops during playback when I first opened FCP X, and was told that my disk isn't fast enough. I was using my iMac - see sig - which has a caviar black. All files are on one drive though, is it time to split?
What's the best cost-effective set up given my mac and that I'm working with 1080 ProRes files? I don't need heaps of capacity, 2 TB would be fine for a year.
I think you are on the right track in wanting to remove any potential bottlenecks. I can only offer you some ideas here -
I have read that FCP X unlike Pro can use additional memory beyond 4 gigs. For this, you may want to explore fully losing your iMac with as much RAM as you can.
Also (not to sound like a plug here) have you explored modifications that OWC does for iMacs? You can get more than one drive put in your computer and stripe them, you can also potentially get 3 drives total so you can perhaps add SSD drives which is vastly superior in speed etc. Just check them out.
For Thunderbolt - There are external RAID units that should behave as if they are "inside" of your system with no lag time to speak of. They sadly are expensive (for now). A somewhat sneakier approach would be to get Seagate's GoFLex Thunderbolt adaptor plus a Thunderbolt cable and then connect it to an eSATA based small RAID box that is far cheaper than the ones made specifically for Thundebolt.
iMac --TB Cable - SeagateGoFLex TB adaptor --eSATA cable - eSATA RAID.
The trickiest issue is how much do you want to spend to make the problem go away? For me, I would look at the latter option and read up on the GoFLex adaptor. Several people have posted elsewhere that this is a decent interim solution that avoids the expensive way of doing Thunderbolt. Cost for cable and adaptor 150 dollars. What you put on the end is your choice.
OWC offerings are under 'iMac Turnkey" if you look it up on the net.
Again - max your RAM. It will help quite a bit with your version of the software.