For the first ~5 seconds, the video renderer stays black, but the clip in general plays as you can hear from the dubbed audio, and the player window around the renderer rectangle (menu, controls, window border) is visible too; after the initial blackness, the video is visible, even if you stop and jump back to the beginning. So it just seems to have an initialization delay per clip, after opening the file, for the first playback start.
And yes, Aero Glass is disabled, I have an Aero Basic design (due to a few ancient applications which would force a switch to Aero Basic each time they start).
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