Thanks for your response Dennis,
Tried both, but neither worked. When I create a new project, the ‘Interpret Footage’ function glitch still carries over to the next project.
It seems this is related to the update (v 6.0.2). I uninstalled my Production Premium, ran the CS6 cleaner and then re-installed after a restart. Upon opening, my footage was back to widescreen as desired, and my Interpret Footage function worked.
I then tried to re-apply the update. And what you know–once it was finished, I opened Premiere and my footage was back to a 4:3 ratio again…not cool!
Will be re-uninstalling everything tonight and will be keeping plain ol’ version 6.0.0 until Adobe puts out another update! (Which hopefully will be soon).