Coming late to this but I figured oh, why not add my .02?
This has all the earmarks of "Dynamic" playback-- a timeline playback setting available by default from the popup above the timeline patch panel. IOW, your machine can't do full quality realtime DVCPro 50 SD bandwidth and the QuickTime engine is scaling back to half quality or even less to maintain realtime and probably "greenline" playback.
If so, go to the popup and test this by explicitly choosing Full Quality and see if a red renderline appears in the ruler, which will prove Jude's theory. The fact that your frame size seq settings match and you're able to export a full quality clip helps narrow the issue to this "dynamic" possibility.
I always turn it to Full Quality.
WHOOPS-- maybe they DON'T match-- you've indicated CCIR 601, which is actually 720 X 486 1.48:1), yet your camera clip and sequence are 720 X 480. You might want to doublecheck your sequence settings and adjust accordingly to DV NTSC (1.5:1, or 3:2), which should match your source and run realtime full quality on a Mac Pro and maybe a Pro laptop.. but I would still make that Full Quality explicit from the popup or QT may try to scale it.
Okay, my .04...
- Loren
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