No preview on screen while capturing or no picture captured at all?
There is no preview in 5.5 while capturing hdv but there is a fix.
Close Premiere Pro.
Copy the mc_dec_mp2v.dll file from C:\Program Files\Adobe\Adobe Premiere Pro CS5.5\Plibs and paste it in C:\Program Files\Adobe\Adobe Premiere Pro CS5.5
Restart Premiere Pro.
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