As excited as I am to see great features like Morph Cut and the new Lumetri Color Panel in the new 2015 Release of Creative Cloud I can't help but get anxious when I hit that upgrade button in the CC app. I started a project yesterday 6/15 with content on I shot on a Panasonic AG-AC130AP. Today 6/16 I upgraded that project to the new PP CC 2015 which immediately gave me the dreaded red screen of what?!?
Don't panic, don't panic. It's just offline media, it'll be fine.
Doh!! But it's the exact same file. Maybe it's the codec. Let me try to import my footage from today (used the same camera and settings).
It imported fine (see day 2 in the first photo). Moral of the story, be cautious when upgrading your software. Adobe's updates always bring great new features and functionality to their software, but it shouldn't come at the expense of breaking what's already working.
PS - I'm sure they'll fix it soon CC 2015.1