What's Up with the Mercury Playback Engine?

Question

One of the reasons I bought Premiere CS5.5, is the new mercury playback engine, Adobe says, that you know longer have to render your video files, and they play back smoothly.
The first thing I did in premiere pro cs5.5, was testiing out the new engine.
As soon as a imported my .MOV file on the timeline and played it back, it was SO  laggy. I got probably 1 frame every 2 seconds, So, I rendered out the 10 second clip which took 4 minutes, adn then added an effect, and played it back too again find that it was laggy like before.

Answer 1

First, See the 2nd post for a picture of the NEW ITEM pointer http://forums.adobe.com/thread/770072?tstart=0
Then, More information needed for someone to help http://forums.adobe.com/thread/416679
Some specific information that is needed...
Brand/Model Computer (or Brand/Model Motherboard if self-built)
How much system memory you have installed, such as 2Gig or ???
Operating System version, such as Win7 64bit Pro... or whatevevr
-including your security settings, such as are YOU the Administrator
-and have you tried to RIGHT click the program Icon and then select
-the Run as Administrator option (for Windows, not sure about Mac)
Your Firewall settings and brand of anti-virus are you running
Brand/Model graphics card, sush as ATI "xxxx" or nVidia "xxxx"
-or the brand/model graphics chip if on the motherboard
-and the exact driver version for the above graphics card/chip
-and how much video memory you have on your graphics card
Brand/Model sound card, or sound "chip" name on Motherboard
-and the exact driver version for the above sound card/chip
Size(s) and configuration of your hard drive(s)... example below
-and how much FREE space is available on each drive (in Windows
-you RIGHT click the drive letter while using Windows Explorer
-and then select the Properties option to see used/free space)
Windows Indexing is BAD http://forums.adobe.com/thread/676303
While in Properties, be sure you have drive indexing set OFF
-for the drive, and for all directories, to improve performance
Some/Much of the above are available by going to the Windows
Control Panel and then the Hardware option (Win7 option name)
OR Control Panel--System--Hardware Tab--Device Manager for WinXP
Plus Video-Specific Information http://forums.adobe.com/thread/459220?tstart=0
And, finally, the EXACT type and size of file that is causing you problems
-for pictures, that includes the camera used and the pixel dimensions
Read Bill Hunt on a file type as WRAPPER http://forums.adobe.com/thread/440037?tstart=0
What is a CODEC... a Primer http://forums.adobe.com/thread/546811?tstart=0
What CODEC is INSIDE that file? http://forums.adobe.com/thread/440037?tstart=0
Report back with the codec details of your file, use the programs below
For PC http://www.headbands.com/gspot/ or http://mediainfo.sourceforge.net/en
For Mac http://mediainfo.massanti.com/
Once you know exactly what it is you are editing, report back with that information... and your project setting, and if there is a red line above the video in the timeline, which indicates a mismatch between video and project
Read Bill Hunt on editing a VOB/MPG file http://forums.adobe.com/thread/464549?tstart=0
Edit Vob http://premierepro.wikia.com/wiki/FAQ:How_do_I_import_VOB_files_/_edit_a_DVD%3F
Read Hunt on Using MOD/TOD files http://forums.adobe.com/thread/699990?tstart=0
Work through all of the steps (ideas) listed at http://forums.adobe.com/thread/459220?tstart=0
If your problem isn't fixed after you follow all of the steps, report back with ALL OF THE DETAILS asked for in the FINALLY section at the troubleshooting link