Convert MXF video to AVI or other popular formats without quality loss

MXF is a short form of Material exchange Format, is a container format just like AVI for the professional digital video and audio media defined by set of SMPTE standards. MXF video is often produced by high end camera and camcorder like Canon C300/XF300/XF305, Sony XDCAM, Panasonic P2 MXF, HVX200 to store audio and video and the programmed data.  MXF file cannot be opened and played on various video editing programs such as Adobe Premiere Pro, Adobe After Effects, Sony Vegas, Pinnacle Studio, Windows Movie Maker and Avid Media Composer, Apple Final Cut Pro, Final Cut Express, iMovie, etc. and cannot be played by various  video players and portable players. So if you want to edit or play MXF file on other video editor or media devices the first thing you need to convert them into popular format such as WMV, AVI, MOV, MP4, ProRes MOV, MPEG, DVD, etc.