The issue you’re describing with CS5.5 and the Matrox player is not a PremierePro issue directly, it’s an MXO2 Player issue.
We have an MXO2 in our main suite here and whether it’s CS5.5 on Lion or CS5 on Snow Leopard the behaviour is the same. Eventually the player will lockup and display the behaviour you describe; no playback, no output (even to computer monitor) and sometimes a restart of the app won’t fix it.
Matrox says to trash your Premiere Pro preferences (and maybe even uninstall and re-install the driver) and you might want to try that a few times – but considering how this issue constantly crops up, that kind of ridiculous maintenance (which they suggested equally frequently with FCP to be fair) is indicative of their own driver issues.
In my own case I have to, when working with premiere pro, start a sequence that’s not using the MXO2 player, edit away, and then copy the sequence into an MXO2 player sequence to hope for playout or monitoring. When NOT using an MXO2 sequence, the freezes, stalls, and diplay issues go away and Premiere Pro works very well. The sequence, once copied or imported to an MXO2 sequence is a gamble for playback.
I’ve been incredibly displeased with Matrox over my two years with the MXO2 because of constant issues like this. It’s too bad, because the MXO2 series had (and with the as-yet-unreleased Thunderbolt adapters still has) a lot of promise – however, it has yet to really live up to that promise in a reliable, consistent way.
Good luck!
—
There is no intuitive interface, not even the nipple. It’s all learned. – Bruce Ediger