I have a similar problem with the 2014 CC update. PP opens and seems to function normally until i try to to insert (,) video onto the timeline. Then the "A serious error has occurred. PP must restart and will attempt to save your proj... blah blah...." window comes up and it restarts. Note that I can drag and drop video directly from the media folder with no problems. It's just when I insert (,) or overwrite (.) from the source window.
I first experienced this on my new mac pro which of course is basically incompatible with Adobe Premiere right now anyway, but the same thing happens on my Macbook Pro which I've had no problems with up until this update. I reverted back to the previous version of CC and this problem doesn't exist.
Anybody heard anything about this?