The following is a list of known issues in the Premiere Pro CC 2017 (November 2016) Release.
The following issues are confirmed by Adobe on this web page: https://helpx.adobe.com/premiere-pro/kb/known-issues-in-premiere-pro-cc-2017--november-2016-.html
Imported clips have no audio after updating to the latest release
Issue: When you try to import AVCHD (MTS) and MP4 files in your project using Premiere Pro CC, you could get an error message which says, "The file has an unsupported compression type." This error could also be displayed with other Adobe audio and video products including After Effects and Media Encoder.
Workaround: Clean the media cache database folder. If you still see an issue, change the file directory where the AVCHD files reside and check if the issue gets resolved. Also check if this issue is related to your Creative Cloud(CC) activation. For more information, see Troubleshooting linking and importing errors with AVCHD (MTS) and MP4 files after upgrading to Premiere Pro CC.
Red checkerboard error seen after upgrade with older projects that use Lumetri effects
Issue: When viewing old projects that use Lumetri effects after upgrade, you could see a red checkerboard display.
Workaround: Remove the Lumetri effects and reapply the effects once again. For more information, see Troubleshooting errors related to clips displayed as red and white checkers with older projects that use Lumetri effects.
Dynamic link between Premiere Pro and Audition does not work
Issue: After upgrading to the latest release, you could be unable to edit any audio file using Audition from the Premiere Pro timeline.
Workaround: To fix this issue, uninstall Adobe Premiere Pro CC and Adobe Audition CC, and reset Preferences when you install the application again. To reset preferences and plug-in cache at the same time, hold down Shift-Alt (on Windows) or Shift-Option (on macOS) while the application is starting.
The following are things we have noticed here at DVC
When you first start using Premiere Pro CC2017 you have to activate the Dolby codec again even if you had a previous Premiere installed. We find the best thing to do is start a new project and load an AVCHD clip. Premiere then activates the codec. There have been times when we have loaded old project with AVCHD in them and Premiere has not automatically activated the codec and caused problems.
Obsolete audio & video filters
Quite a few audio and video filters are now marked as obsolete - including filters like dynamics, which we used to use to level out the commentary in our tutorials. The filters are still there, but are in an obsolete folder. Old projects should work the same as before, but we are pretty sure these obsolete filters will be removed completely in a few more versions. There are new Audition filters, which are better, replacing the obsolete audio effects. Video filters like the three way colour corrector and shadows and highlights have also been "retired" as Abobe think everything is now possible with the Lumetri colour effect. Having used these filters a lot in the past we have to say that we will miss them when they are gone. Lumetri can do similar things be we do not get as good realtime playback with Lumetri as we did with the old colour filters.
Adobe have also changed a few small bits of the interface. There are lots of small circles as handles and fine lines in various places. Quite a few users completely hate these changes. Our opinion is that they don't make a huge improvement to the interface but we can live with them.
Latest graphic card drivers required
Premiere Pro wants the latest graphic card drivers and moans when you start it without the latest ones. Some older graphic cards which powered the Mercury Playback engine with CS5/CS5.5, are no longer powerful enough and you will find the hardware MPE no longer works. There is no solution apart from updating your graphics card.
There is a new way to make your own shortcuts which gives you a visual keyboard. Some people have reported that it will not let you change shortcuts in their projects and the solution is to start a new, clean project, and you can change the shortcuts their, which will then work in the older projects.