Hi Kevin. That was one of the first things I checked. It doesn't seem to have any effect, either in the source settings viewer, the source monitor or the program monitor. See screenshot here: http://ppl.ug/htjS74b5L4A/
The check box seem to ignore the two flip-settings in the RED RMD sidecar file.
Premiere Pro CC2017, Red Raven footage, and this is still not resolved, Premiere just ignores either original flip metadata, or sidecar .RMB medata.
Photoshop CC2017 (!!!!) Opens and scrubs the file correctly!! (using RED Photoshop Plugin)
Premiere CC2017 correctly applies Camera Orientation with Mercury Playback GPU acceleration turned off.
So this is either:
1. Adobe CUDA programming
2. Nvidia Driver Version (375.95)
3. Graphics Card (Nvidia GTX1050Ti)
either way this is very annoying. very.