I’m experiencing the same problem. I’ve got an “almost” fix. Perhaps it will be a total fix for you.
I got the gray box when rendering in DV/DVCPRO – NTSC (which seems to be the default codec). I changed the codec to Mpeg4 and it rendered so that I could see the video fine.
The problem now, is that the Photoshop document (title pg) doesn’t fit the screen. It has black spaces to either side of it.
I hope someone with more knowledge than I have (and it wouldn’t take much to have more) will clear up this confusion. I’m not sure if it’s the codec, frame rate, aspect ratio, resolution, or something totally different.
I need 640×480, 30fps for YouTube.