Yes, master clips are missing. What happens is people will import clips into their own local projects, while the media is captured to the Unity. Then when viewing their sequences, those Master Clips don’t show up in a Reference View because they don’t exist on the Unity, but the media is still there and works in the sequence just fine. I really hoped Decomposing would work by making new master clips but it doesn’t.
I’ll have to check out that new Composer feature tomorrow. Thanks Matthew.