I downloaded the free light version of Magic Bullet: Movie Looks for Premiere pro, but it just won’t work right. When I go to adjust some captured footage it either does only grayscale compression (when it’s a color effect as well) or it just turns the image black if I change anything. I downloaded it straight from the adobe site so how could anything have gone wrong?
Humm… What are your computer specs?
Sometimes when stuff like this happens it’s because a computer doesn’t have a fast enough CPU or enough RAM. Using Magic Bullet filter effects can be very demending on hardware because it’s (re-rendering) every pixel of every frame of your original footage to the desired film effect you’re after. The fact that you are mentioning "black" & "grey scale" might mean that your PC is choking.
Try going to Red Giant’s web page and see if you can find answers there.