odd render behaviour on timeline in FCP 4.5 HD

I came across this in the past through days.

Any content entered onto a new project in DV, 8 bit or 10 bit
will not render in any way shape or form.

However, if I take the content over to an older project made last month,
it will render out correctly on the older timeline.

An example, a simple DV project laid on the timeline with less than a dozen
fade from or to blacks, and two tracks of audio.

On the defective timeline, the transitions are green, and the content is grey.
It is impossible to render the transitions.
Copying this over to an older timeliner and everything is gray (as expected)


Scenario #2-import an uncompressed mov file to to a new 10 bit timeline.
everything is red (as expected) -will not render.

copy over to the old timeline, press render, wait, and everything is blue.

Has anyone ever had this type of problem before?

Have you tried trashing prefferences and doing this render mess in a new project?

Ian