Photoshop :: Cannot Edit MPEG-2 In Windows CS6

Just upgraded to Photoshop CS6 and am attempting (unsuccessfully) to edit some MGEG2 content. The video content has been extracted from Windows DVRMS files using DVRMStoMPEGGUI. I can work with H264 content in Photoshop without a problem.
 
All MGEP2 videos play fine with both Quicktime and Windows Media Player.Here  is what happens when I try to edit the file in Photoshop
 
File is read by photoshop and all looks fine. First frame is shown as expected. If I try to play the video in photoshop, the elapsed time counters at the bottom give the impression that all is well, but the video does not play.Attempting to trim the video does update the overall timings of the video, but the first frame is still displayed.Rendering the video as H264 appears to work - the export dialog appears and a file does get created. The H264 file export is playable, but consists of the first frame  displayed continually for the duration of the video.. 

editing MPEG-2 video content in Photoshop and another thread suggested checking that the video content is playable via Bridge. Like with Photoshop, Bridge displays the first frame of the MPEG2 in the thumbnail, but attempting to play it locks up Bridge completely.  Doing a "Reset Settings" with Bridge made no difference.
 
Here is my setup
 
Adobe Photoshop Version: 13.0.1 (13.0.1 20120808.r.519 2012/08/08:21:00:00) x64
Operating System: Windows 7 64-bit
Version: 6.1 Service Pack 1
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