I just tried it out, but it the program itself does not serve my purpose.
My aim was to convert the orignial files of my Panasonic SD707. But I wasn't even able to import it, because cineform only accepts .mp4, .jpg and .mov. Changing the file ending by hand in windows made it appear in the "open file"-window, but importing was still not possible.
What he accepted were files, that I already exported from Sony Vegas as a .mp4.
Buuut I just found the codec in the Vegas render dialog. I used an .avi-template (you can use .mov, too) and was able to choose cineform and change framerate to 50p. Well, the file was very big and I did not recognise any improvement of performance, but I will play a bit with it and see what's possible.
Tested with Vegas Pro 11.0