This is an issue for me in latest karmic with version 185.18.36-0ubuntu7
Using gstreamer-properties didn't work so I tried nvidia settings. Unlike Scott from above, my hue setting was 0, but when I moved it to something else then back to 0 the video was fixed. In VLC I managed to work around the problem by setting the video output to OpenGL.
This is an issue for me in latest karmic with version 185.18.36-0ubuntu7
Using gstreamer- properties didn't work so I tried nvidia settings. Unlike Scott from above, my hue setting was 0, but when I moved it to something else then back to 0 the video was fixed. In VLC I managed to work around the problem by setting the video output to OpenGL.