You have a decent system. Why the Cineform conversion? Have you tried things using the original media?
Thank you for your reply. I like the machine, and I did try the clips without converting but the HDV and DSLR clips alongside the XDCAM clips all in one multiclip really didn't flow so well. I also love First Light for color grading and correction (part of Cineform Neo) - the color correction is all in the metadata, so there is no slow down or drag on the system during playback.
I have an OWC 4TB RAID connected via eSata which should be plenty fast, especially on the Sandy Bridge chipset and 16GB of RAM, but the clips just didn't feel light or zippy. Coming from a Final Cut Pro background, I'm so used to transcoding everything to ProRes (and I used to be on Adobe and then Vegas so I was used to Cineform's workflow), that going back to Cineform seemed like a good solution. Cineform is also the format we are using as a mastering format for program materials.
It all plays very well, the four cameras in the multiclip, the trouble is that as I'm watching the playback of the mixed multiclip, it just keeps on playing. Nothing stops it, it's very weird. Especially since it continues to playback perfectly and I can also open other apps and work around in them (trying to unstick Premiere). Still the timeline continues to play, perfect video and sound without skipping a beat. I haven't let it reach the end (long form program) so I don't know how that would affect it. I wish I knew if it was a Premiere thing, a Cineform thing or something in the cross talk. In any case, I seem to be the only one with this weird side effect.......
I am still getting used to Windows having come over from the Macs and Final Cut Pro (may it rest in peace). I guess I was expecting some sort of notice when updates were available.
The long story short, I was using version 5.5.0 of Premiere and updated to the latest version at the suggestion of Jake Seagraves over at Cineform - and I haven't had the problem again. If you haven't had the opportunity to work with the guys at Cineform, they are great to work with and very responsive. And for my humble opinion, Cineform is one of the best mastering codecs for Premiere.
In any case, you can mark this one as solved. I'll just have to remember to manually look for updates once in awhile.
Thanks to all!