How nice, I get to post a reply to my own problem.
http://discussions.apple.com/thread.jspa?messageID=1063600􃪰
It solved my problem, an apparent conflict between FCP5/QT7/OSX.
Since installing OS X 10.4.7, Final Cut Pro 5 is not recognizing my external DV decks, and as a result I can't capture, 'print to video', or see video playback on external monitor.
System is as follows:
G5 Dual 1.8 GHz
1.5 GB DDR SDRAM
nVIDIA GeForce FX 5200 64MB VRAM
LaCie D2 250GB...