Did you hit the options button? I don’t remeber if it’s on the FCP install disk or not, but I thought it was.
Redownload and reinstall the 1.2.1 update.
Do you have DVD Studio Pro? you can also reinstall compressor from there.
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G5 Dual 2Ghz <> 4GB RAM <> FCP 5.02 <> Kona 2
ATTO 42XS <> Huge Systems 4105 Fibre