iTunes movies play audio with no video
iTunes playback plays audio track but no video.
Upgraded to iTunes 10.7 (21) and Mac OS Lion 10.7.5 this weekend (yes, it is an unusual combination) and video doesn't display. Not movies nor video podcasts. The audio of the movie or video podcast plays fine, and the progress bar at the top of iTunes ticks each second away fine too. Video files play fine in the Finder (in space bar's QuickView).
I reset the SMC and NVRAM to no effect.
When I boot-up from my backup hard drive, video plays perfectly. I believe this rules out hardware problems.
What could the problem be? Thanks.
Mac Pro, Mac OS X (10.7.5)