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Sorry to hear that you've run into such a problem. I just sent you a private message requesting that you send a copy of the affected 7.0.1 project to the email address I provided in that note.
just ran into the same issue. my 7.0.1 project keeps crashing.
final got a crash log and it might be my matrox mxo2
Process: Adobe Premiere Pro CC 
Path: /Applications/Adobe Premiere Pro CC/Adobe Premiere Pro CC.app/Contents/MacOS/Adobe Premiere Pro CC
Version: 7.1.0 (7.1.0)
Code Type: X86-64 (Native)
Parent Process: launchd 
User ID: 501
Date/Time: 2013-11-01 14:53:40.512 -0400
OS Version: Mac OS X 10.8.5 (12F45)
Report Version: 10
Interval Since Last Report: 2077 sec
Crashes Since Last Report: 5
Per-App Interval Since Last Report: 1505 sec
Per-App Crashes Since Last Report: 3
Anonymous UUID: EE493BBC-2D96-1046-FACA-91B779FC9A05
Crashed Thread: 19 Dispatch queue: com.matrox.vpg.AdobeTransmitVideo
Exception Type: EXC_BAD_ACCESS (SIGSEGV)
Exception Codes: KERN_INVALID_ADDRESS at 0x0000000000000018
VM Regions Near 0x18:
__TEXT 0000000100000000-0000000100003000 [ 12K] r-x/rwx SM=COW /Applications/Adobe Premiere Pro CC/Adobe Premiere Pro CC.app/Contents/MacOS/Adobe Premiere Pro CC
@ Kam.badwal: Let's not assume that it's exactly the root cause. Best to collect data on each crash in order to determine what's going on. The info you posted is a good start, but a full crash report and the project file would help. I'll send you my email address by private message.
I 'm also having serious issues since upgrading. When trying to open or save a project in both Aefx and Premiere the dialog box will vanish. Also, I'm having linking problems when trying to apply an effect to a selected clip in premiere. (MB Looks) when the effect window pops up it's referring to a different clip. Everything was working fine till the update.
Anthony, what are your system specs?
2012 MacBookPro 2.6 Intel i7
Graphics NVIDIA GeForce GT 650M 1024 MB
@ Mark Mapes: I completely removed CC using the CC cleanup tool and reinstalling everything again, which seemed to resolve the matrox issue.
Same issue, Priemere crashes when loading a project last saved with 7.0.1 on an external drive. I don't believe the drive was attached when I did the upgrade.
When I try to load the back up files I get, "The project could not be loaded, it may be damaged or contain outdated elements."
Intel Core(TM)2 CPU 6600 @2.40GHz
Ram: 8 gigs
Try using the Media Browser to import the necessary elements into a new project.
I am experiencing the same issue with Premiere Pro CC 7.1 and Matrox MX02. A project that was working perfectly crashes when I hook up the Matrox. After Effects is OK.
Matrox long ago left a bad taste for a few users here. I recommend not using Matrox at all.