I use Premiere Pro. It has a lens-correction effect that can deal effectively with the distortion of the Phantom 2 Vision+ camera. It is called
Lens Distortion, and it can be found in the Video Effects/Distort bin. Setting the Curvature parameter to -20 is a good starting point. Here is a short video showing how to use it:
https://www.youtube.com/watch?v=6vsQq8X-0_k
Unfortunately, this effect has a very major side effect: it uses so much CPU power that it makes real-time playback of your footage impossible. My 8-thread/4.1 GHz/16GB system simply can't render the playback fast enough to watch; it seems to manage about two frames per second.
The workaround isn't so hot either: apply the effect, fine-tune it so that the distortion is minimized, then disable the effect. This will allow you to preview your footage at real-time during editing, but then "your footage" is misleading, since the images you are looking at while editing are not what your video will look like when you re-enable the effect!
I just dealt with this distortion problem on this video:
https://www.youtube.com/watch?v=nkLl0HuEHmY
Between 0:20 and 0:30, as I fly by City Hall, the distortion made the tower look like a banana. I couldn't deal with the playback problems, so I ended up importing the footage into After Effects, where I corrected the distortion with the Optics Compensation effect. I also did color correction and tonality adjustments (with Color Finesse 3) and sharpening (with Unsharp Mask) in After Effects. The Unsharp Mask effect is available in both After Effects and Premiere Pro, but it also makes real-time playback impossible. Then I exported that footage to H.264, and imported that into Premiere Pro. That gave me distortion-free, color-corrected and sharpened footage that played back in Premiere Pro in real time.
This page shows how to use the Optics Compensation effect in After Effects:
http://provideocoalition.com/jfoster/st ... dobe-cc/P2
And this video has lots of info about color correction in After Effects; I think you can safely ignore the 'color grading' parts:
https://www.youtube.com/watch?v=2ZrAk3w_afc
I usually avoid an intermediate step like this, as it results in two separate transcode/export stages, and that necessarily reduces the quality of the video. But it worked out OK for this one.