I discovered this as soon as I upgraded to AE 7 quite some time ago. I do not know what the issue is, and have not found a solution. Using the AE present for HDV, identical to the sequence in FCP. When imported, it does not show a need to render, yet will not play back. If i recall, I was geting a dropped frame dialouge. It’s been awhile since I revisited the issue. I’ve been rendering to the animation codec and re-rendering in FCP.
I’ve had others verify the issue. Perhaps someone has come up with something since?
Jim