This morning I edited a multicam sequence (two cameras) and got it like I wanted. I then exited Premiere Pro and saw that there was a 'bug fix' update from "the Cloud". I installed the update.
Now, when I open my project and turn on Multi Camera (on the multicam sequence), the multi-cam clip is shown with the cuts I made, but as the play head gets the each cut, the video I see in the monitor starts at the beginning of the sequence. It plays until I get to the next cut, then then video I see starts over again from the beginning - to the next cut and so on and so on.
The audio, from what I can tell is uneffected in that it seems to be playing correctly.
I did NOT change the monitor to Composite before I shut down PP- I left the multicam view on. That might cause issues - though it shouldn't.
Anyone with previous and like issues, or Adobe, please chime in.
I am not saying the recent update caused the problem, I did NOT open the project again before I installed the update. However, if there's a way to back out this mornings update, that might be worth a try. . . I don't know if that's possible.
There's are two other threads going about this very issue. Here's the main one: http://forums.adobe.com/thread/1236698?tstart=30.
The short answer is that this is a known problem with making a second round of multicam edits after closing and reloading the project. We did not find the bug until very last minute, so had no chance to get the fix in for the "gold master" release.
The thread I linked to discusses workarounds. Sorry for the inconvenience.