First, I tried playing the individual files in both Clip and Project mode. It was jerky in both, but worse in Project mode, with the video even stopping for a second or two. That was the same in both X2 and 11.5+. I did not use SmartProxy.
I then put several copies of each in the timeline and separated them with crossfade transitions. I then rendered to a new AVCHD, using the same properties as the original, with SmartRender enabled. The new file was also jerky in playback on both X2 and 11.5+.
When played on both WinDVD and PowerDVD, playback was smooth, but there was a noticeable anomaly just after each cross fade, which resembles exactly what you described.
I then rendered witout SmartRender. That took about 4 times longer than the other render. Again, it was jerky in VS, but smooth in WinDVD and PowerDVD, but the anomaly was still there. And that was for both X2 and 11.5+.
So I am reluctantly coming around to agree with you that there is a bug in the AVCHD codec or process used by Video Studio.
