tl;dr - If you could use an SD card to P2 adapter, I'm sure we'd see a lot of it.
Sony didn't announce this capability until it was already being widely used. It seriously cut into the number of SxS cards they sold, so I'm guessing Panasonic will hold the "its impossible" line as well if they can.
From what I've been told (by very official people on the internet
is that the SxS / Express cards are built upon USB, so a SxS to SDHC adapter is fairly easy to do & the potential always existed. Sony's firmware upgrades have just made it more reliable & they should be commended for going that direction instead of updating firmware that killed the option.
P2 on the other hand isn't built in such a way that it will run off of generic adapters the same way SxS does. I'm assuming there are relations of the P2 architecture to why only some PCM-CIA to Express card adapters work with P2 cards & others don't.
Panasonic can say it is impossible, but consider these three things: 1. How expensive P2 cards are; 2. how many HVX cameras are out there (many owned by cash strapped film students); 3. How cheap adapters & SDHC cards are.
If this was possible today, people would be doing it today & a lot of people would be doing it.
In my simple mind, I think it is possible to use SDHC cards in a P2 slot, but I think we need Panasonic to update the firmware to make it possible, or we'd need an adapter which has the hardware specifically created with P2 infrastructure in mind.
(Please note, I'm not an engineer, so my understandings & explanations are probably horrific to people who actually make computer & electronic things. My apologies.)
But my understanding(correct me if I'm wrong) of the way P2 cards work is that each P2 card basically houses four SD cards(or the equivalent) with a RAID controller
Again from what I've read, that was only the case for the first generation 4GB cards. After that P2 cards are straight up proprietary flash media cards.
I'd be happy to watch someone open up their P2 cards to see which is true, so if anyone has some they'd like to sacrifice, please let us know!
Again if it is possible to use an adapter in any shape, way or form, please share & prove me wrong.