Thanks Steve. The odd (well to me it is) thing is when split screen is selected, the left and right sides of the split are selectable showing the effect, selecting “all” shows the event without the effect. I wasn’t looking carefully at the split screen icon and it was engaged. Turn it off, and all is ok. I woke up that the split screen view is automatically turned on if you select left or right from that drop down list… it’s sort of a helpful-unhelpful thing. Anyway, all figured out now and I can go to bed and not have nightmares.
Windows 7 Pro64, 16GB RAM, SSD boot drive, GTX 570 Graphics, Vegas Pro 12