How are you sending the project to Adobe Media Encoder? By choosing “file > export > Adobe Media Encoder” while in Premiere? Try closing Premiere, opening Media Encoder and choosing “file > add Premiere Pro sequence”. Does that work?
It’s not a fix, but maybe a workaround to keep you moving.
By the way, I’m using CS4. CS5 is installed on my home computer, and I’m not there at the moment, so I don’t know if it’s the same process as CS4.
Mike
Intel i7-930 2.8GHz
12 GB RAM
1 GB VRAM
Adobe Production Premium CS5