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.
--
nvidia sets HUE to -1000
https://bugs.launchpad.net/bugs/395476
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