For whatever reason, your sequence settings used in your CS4 project aren't available in CS5. This typically is either a) you're running a variant of an MPEG editing preset in CS4 and you're using a trial CS5 version (trial doesn't contain the MPEG components) , or b) you're using a third party IO solution (AJA, Matrox, BlackMagic, etc) and you haven't installed the drivers for CS5.
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That sounds suspiciously like your full-paid, and updated version has reverted to the trial.
Does that Project contain any MPEG material?
Can you Import MPEG material into a test Project/Sequence?
Do you have the full compliment of HD Presets?
If you did get bitten by the "revert to trial" problem, then see this THREAD for the fix.
Bill and Will, thanks very much for both your answers.
For some reason Premiere Pro CS5 does seem to think it's a trial - it shouldn't - I'm using the Creative Suite 5 Production Premium student version and I have entered the serial number that the academic verification team have given me - this should be the real thing.
I know PremPro CS5 thinks it's the trial as when I created a new PremPro CS5 project it told me that it needed to install codecs not available with the trial. Is this because I updated to 5.0.2 before I opened PremPro CS5? I'm not sure, but I hope this same problem doesn't effect other Production Premium products (do any of the others have fewer features when installed in 'trial' mode?
The upshot is that after trying to create a new project, being prompted to install the missing codecs and allowing this to happen I seem to be up and running, so thanks very much!
Starting with the CS4.0.2 update, things began to go wrong for some users. The full-paid version would revert to the trial version. This happens rarely, but has happened. Seems that CS5.0.2 might suffer from the same issue, in certain cases. Which cases? I have not seen anyone define exactly what the criteria are.
See the steps in this THREAD to get things back to the full-paid version.