That’s not too bad, it’s the sort of thing Premiere is pretty much built for. I just ask because I occasionally have the same problem with files running off a G-RAID RAID0 connected over eSATA. I’ve had this problem with AVCHD footage in Premiere, and a similar problem with HDV in FCP7, where it will play back audio, but loop the same five or six frames of video over and over.
Haven’t had this happen with footage on an internal drive, or a drive connected through FireWire. And it only seems to be one specific drive. I’ve got other G-RAIDs that work fine. So my thought was that maybe it’s the disk.
Anyway, a simple restart of the software fixes the problem for me every time. Did it work for you?