I should have added that I've searched the forums and tried all the remedied that had been suggested for similar issues (delete prefs file etc) but no luck so far...
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That's not prefs related. Such issues indicate busted CoDecs, which might relate to your running a Win upgrade rather than install from a clean slate. I would try to uninstall and deactivate CS4 again with erasure of the serial number, then run the and reinstall Creative Suite Cleaner Tool again.
Thanks for that. I'm doing another re-install (using the Cleaner tool) and will report back. I should have mentioned that I unistalled VLC and DivX (the only source of possibly upsetting codecs I could think of) before the upgrade to Win 7.
Problem now solved. The Vista system had a Spyder colour calibrator which had (reasonably) stored colour profiles on the system. I deleted the stored profiles, reinstalled CS4 and all now works correctly.