Update Kills Format Compatibility

Question

This morning, Adobe Updater updated Premiere, After Effects, and Media Encoder.  Now when I open any of my Premiere projects, including one I was working on this morning, all MPEG files show up as offline.  When I try to Link Media, Replace Footage, or even reimport it, I get the error message "Unsupported format or damaged file."
This is bad, as a LOT of my footage is in mpeg format.

Answer 1

Well, for what it's worth, I've had this (or at least a similar) problem twice now, both immediately following the major updates to Premiere Pro.
I updated, restarted, launched my project and was met with some message about "trial version" and "unsupported" and "media," although I forget the exact statement. The gist of it was that something was wrong, and it seemed as though the prompt was telling me to purchase a full version. I mainly have DV footage, but every now and then, an MPEG variant file shows up in a project.
Working on Vista Ultimate x64
At any rate, I didn't do anything special....I think I might have closed the application, and maybe restarted, or perhaps even done another update check. Whatever I did, something that broke during the update process re-connected once I did....erm, whatever I did.
So I know, not an incredibly helpful post here, but I wanted to further assert that 1) this problem seems almost entirely connected to the updating process, 2) it appears to be fixable without any reinstalling or cleaning or anything (because I did nothing of the sort), and 3) well, I don't have anything for 3, but only making 2 points seems a little short on an already (possibly) useless, uninformative post.
Hope this helps somebody (maybe even Adobe..............ahem..........)
PS - wanted to mention, my username on here used to be SCAPsinger (before the forum switchover), so that should help you all know what kind of dude you're dealing with here. Use that extra bit of information however it may suit you.