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The tool does work, you just need to move it around a bit until it shows.
The issue is that the transitions are now larger vertically, so the area to 'activate' certain tools has changed a bit. It's different, but overall much better once you're aware of those differences.
Actually, you can roll the edit with the Rolling Edit tool with a transition in place. Just position the cursor silightly above (or below) the cut and the tool will be enabled. Drag to roll the edit as you normally would. Zoom in more if you can't get that to work.
Thanks guys, for the help. It does indeed work, but I don't any situation where it is better. The "hot" zone where the tool is activated is so tiny vertically that it's extremely difficult to hit easily no matter how far I zoom in horizontally, unless there is a way to zoom in vertically that I'm not aware of. I know I can enlarge the track vertically but that does not increase the area under which the tool is active.
But it works now, so thanks a bunch.
One other thing. I found that if I change the trim preferences to "Allow selection tool...without modifier key" the hot zone is much larger vertically.
Much better, thanks again.
In my experience, the hot zone for selecting is actually somewhat larger than the mouse pointer would have you believe. Try positioning the mouse in the narrow area where it shows the Rolling Edit pointer, roll down to where the red slash appears, then click. You should find that there's a zone at the top and bottom of the transition where you can select the edit point despite the pointer icon's indication to the contrary. I entered a bug on this recently.