same here...no problem with underdev...the files look fine....but definitely cropped on bottom...checked file size in bridge....lightroom file is 122mb, the C1 file is 182mb...but the lightroom file opens in CS2 to a 156mb file????which actually makes more sense since 25mb seems about right for the missing data at the bottom...i will post this in the adobe LR forum....
On the phase files they do crop the bottom, almost to the shape of a 35mm frame. How strange.
That's a shame though Phase isn't in dire need of lightroom as C-1 works fine.
Leaf on the other hand needs this type of software for processing. pscs processes the Leaf files very film like, but lightroom looks like it is going to be a completely different suite of software as the options are really overpowering.
Lightroom could turn out to be the great equalizer.
Now if lightroom would get to final and get a whole lot faster.