I am using Premier Elements 11 on Dell XPS 500, 8GB memory, I7-3770 CPU 3.4GHz, Windows 7 Home Premium 64-bit. I have encountered one clip that reported dropped frames. Where can find how many frames were dropped? I have transferred several hours of video with no reported dropped frames. I am using a SIIG Firewall card with ADVC55 connected to VCR to transfer some home videos to DVD.
When you use a DV bridge, you'll often get reports of dropped frames because the program is not receiving timecode information from the camcorder, as it would be if you were capturing DV footage.
So you can ignore the message.
But meantime, if you're going to capture through your bridge, open Preferences (under the Edit menu on a PC) and go to the Capture page. Make sure that all three boxes (related to timecode and dropped frames) aren unchecked.