I had some similar weirdness when I used the cineform codec. The resulting file was squished like yours but was only in red & green colors. I imported it into vegas and it looked the way I would have expected. I rendered the 24p timeline with the file to a 24p WMV and that file also looked correct. I haven't figured out exactly what the issue there is. I did not see that scenario when using some of the other encoders though, only the cineform ones..