That's strange. Something must have crapped out in the rendering. As you can see in the screenshot, in my Premiere project, it looks just like your adjusted version (which is indeed what I want it to look like). What's even stranger though is that when I tried exporting it as Uncompressed AVI, which is what I wanna do for the final render, the result looks like you see in the bottom part of the screenshot:
You Too's adjusted version for comparison:
My project file (top) and uncompressed encode (bottom):
I seriously hate this sh*t! :-(