After I updated I cannot edit in HDV only DV. I don't have the option and therefore Premiere won't let me open up previous High Definition projects that I was working on before. I was also experiencing the bloating problem and one of my projects is about 1.5 GBs. I was curious if we can get the HDV working whether or not I simply try to open the project and when I save it again will it be small again. Thank you for your help.
I, and a number of other folks, had this same issue after the update. I appears that CS5 might lapse back into 'demo mode' for some reason on a number of machines. The only way I was able to get it to work again, was to uninstall, run the Adobe supplied "Clean CS5" script, then reinstall the whole package.
There's another thread here about missing codecs after the update which has a better rundown on the fix.
Here's the link: