I actually launched it again and it gave me the 'gpu has ran out of memory' dialogue box as soon as I went into the video folder.
Well then, I guess this machine won't be able to do *anything* with the BMCC footage. It IS a rather old AMD GPU.
No, I wasn't planning to edit my work on it, simply wanted to play around with a simple grade (just bought the BMCC 2.5k). Just didn't expect it to give out this sort of weird splitter garbling. I hoped it would merely be a slowdown.
P.S. Can't be happy enough with the ungraded footage though. Having previously shot with Canon DSLRs and FS-100 (latter of which I used to love), I can't believe I am getting this kind of creamy, organic image out of the box without wrestling with the in-camera settings.
Here's a sample (horrible youtube macroblocking notwithstanding):
Yep, it is the offender on the right.