The message is pretty obvious. Use Gspot to find the exact codec in use and whether that specific codec is available. From what video camera did you ingest?
not sure but does the trial play AVCHD ?
I know it doesnt work with mpeg
Is this a trial ?
The OP did not mention it, but you are completely correct that if it is the trial version, all MPEG variants do not work, as is explicitly stated on the Adobe site. I just assumed the OP had read the limitations and would not have posed this question if he used the trial version, since the answer is so obvious.