When you place the "dip to white" effect on a clip and double click to edit the effect settings, the start value does not seem to work properly any more.
It used to be that one could move the start slider to 50% so that the clip would start with a hard cut to white, then fade into the shot. In fact, when you select "show actual sources" it indicates that that is precisely what it will do. However, it does not behave as expected either in the source window or the timeline.
Note, I am not using this as a transition between 2 clips but as a hard flash from white into a clip.
In Premiere Pro 5.5 it worked fine like this but something seems to have changed in 6.0.
I can reproduce this issue with GPU on.
Looks like a bug.
If you turn off GPU hardware it will perform as expected.
As workaround drop a white color matte under the transition.
Same here. Works fine without CUDA acceleration.