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Unfortunately, yes, Mark. You can only change the project settings at the beginning of a project.
The one possible solution is to use a program called Clipmate. This program will allow you to cut all of your video from one project and paste it into another.
It doesn't always work flawlessly. Sometimes sound gets lost on one clip or something like that. But it will certainly save you starting from scratch!
Thanks for the suggestions. In the event a product manager or dev from Adobe is reading this, I was mucho dissapointed in this design (un)decision.
Do you have a link to Clipmate? The download link didn't come up in the first 10 results on Google.
Thanks. Sorry I am a little tired after staying up all night Monday working on my "non-HD" video. I was searching Adobe Forums not Google. Your right I was wrong. Thanks again.
In the event a product manager or dev from Adobe is reading this, I was mucho dissapointed in this design (un)decision.
Until the release of CS4, PE's big-brother, Premiere Pro did not have the ability to do anything except start a new Project. Now, a PrPro Project can have Sequences (think of these like mini-PE Projects) with different specs. This was in their $800 flagship editing program.
Also, we're all just users here. If you want to file a Feature Request for upcoming versions, I know that Adobe reads their "mail."