Well, same problem with RED 5 as with RED 4.3.4. I was looking so forward to paying for the upgrade and getting all transitions to work once again, but they're not fixed just yet. Balls and Sphere transitions still do funky things. Still getting a bar of what I'm transitioning to at the bottom of the screen when a sphere transition starts. Then when the sphere or ball comes out it gives a trail of balls behind it. I"m on FCP 7, 12gig or Ram, 10TB hard drive space, AJA Kona 3 Card, ATI Radeon 5770 1 Gig video card, Atto raid card.
I've uninstalled RED 5 Trial and reloaded 4.3.4 for now. Anyone else having problems with sphere transitions?
In RED 5 we introduced many new transitional effects such as swish pans, rack defocus, blur dissolves, lens and lights-based transitions. I reviewed existing Sphere Transition filter and I do not immediately see your problem. With Wrap Percentage set to 0 the sphere unwraps to cover the entire screen. The difference, perhaps, is in the image size or PAR. Did you try to use Correct Non-Square Pixels checkbox? Anyway, let's exchange pictures off line to better understand the problem you are having.