Stacey,
Check out this thread, thinking this may help you:
http://www.dvinfo.net/forum/cineform-software-showcase/106599-blackmagic-in...
From what I have learned, to use Intensity to monitor your timeline, you must capture directly to a BM preset from an HDMI output. DV footage previously captured won't work.
So if you shoot 1hour of tape, for example, you would have to play it from your camcorder into the Intesity Pro as you are capturing to a BM preset. THEN you can drop those clips onto your timeline, and monitor them! Hope this helps...
Richard Dolesh