I guess I hadn't checked it with other projects. Turns out it only does this with projects that were started before the updater ran.
I could still use some help--I have to finish this project.
One of the first things to check with any sort of display issues would be the driver version for your video card.
What is the make/model of your card, and what is the number/date of the current driver?
I'd check with nVidia, or ATI/AMD, to verify that you have the latest driver. If you do, please report the number/date.
What happens if you create a new project and improt the problematic project into it?
Another thing to try is to clear your media cache. There are some changes in some of the updates in how those cache files are generated.
Thanks Todd, importing the project worked out. Didn't know you could do that.