Avid recommends installing the 1.1 Update for all users of the 1.0 version of Avid Studio. Once installed, the Avid Studio 1.1 Update cannot be uninstalled separately, but only with a complete uninstall of the full Avid Studio installation.

http://cdnexpress.pinnaclesys.com/SupportFiles/Avid_Studio/Update.exe

This is a summarized fix list:
General:

• Many performance and stability improvements
• Improved memory efficiency
• Fixed several localization issues
  

Library:

• Corrected several issues with information displayed for certain media items
• Correctly reset view filter when adding a new view tab
• Fixed some issues with scene detection

Movie editor:

• Corrected issues with VST plug-ins
• Improved behavior when adding clips to a locked track
• Effects can be previewed from the library
• Effect indicator now displayed properly on clip for Stabilize effect
• Corrected issues in Fractal Cloud Effect
• Fixed problem when using Pan and Zoom effect on a clip on top of a visible background
• Corrected issues when using some MP4 files in projects
• Corrected frame rate issues when using some 1080/30p video
• Improved behavior in timeline navigator

Title Editing:

• Fixed issue with unwanted cursor jumps when entering text
• Improvements to title editing user interface behavior

Disc editing:

• Menus: Main button now correctly hidden on first menu
• Menus: Fixed issue with incorrect button highlights on DVDs
• Menu Designer: Fixed issue with inconsistent layer names
• Menu Designer: Fixed problem when undoing creation or move of a button
• Menu Designer: Improved context Help information
• Fixed issues causing chapter playback failures on dual-layer DVDs
• Use user-supplied name as DVD/BD image name instead of project name
• DVD simulation: correctly start playback from selected menu

Import:

• Fixed issues with ‘Ignore Duplicates’ mode
• Show proper thumbnails for DVD chapters when selecting DVD in Importer
  

Export:

• Corrected export size calculation for Blu-Ray discs
• Fixed quality issues with AVCHD encoding
• Fixed several issues with DivX file export

SmartMovie:

• Improvements to movie and clip duration calculations