did some further research: looks to me that the MPEG2 export is really the culprit; I remember from the AL 7.0/7.1 times that MPEG2 export was buggy, but apparently 7.2 did not solve all problems..
first of all, when you select export/MPEG2/HDV2, you get a file tagged as VBR, with "nominal bitrate" = 35 Mbps (even if the actual bitrate is 25 Mbps): this also matches the settings of the preset...strange because HDV2 is normally CBR 25 Mbps ???.....
Also, when I export an HDV2 project using export/MPEG2/HDV2, the WD TV HD media player shows unexpected sudden color changes near cuts (presumably at the new GOP boundaries) (see my other post here), while software MPEG decoders don't have this problem (BTW, of course the support engineers at WD tell me that HDV2 i.e. MP@HL14 is not supported by their device - which is not true b/c it plays HDV fine....except for this color cast change near GOP boundaries of files edited with AL (and only those....)).
....but I strongly suspect the MPEG2 exporter of AL....
So I realize that it was a bad idea to archive all my finalized HDV projects as .mpg files (exported MPEG2/HDV), hoping to combine highest quality (initial rushes only re-encoded at cuts, transitions & FX) with ease of use (single file, playable by media player boxes) and occasional future editability:
- for playability: obviously I was out of luck the day I bought the WD TV player, because of the color bug mentioned above (I must be the only person on earth using this player with AL produced files..
) - for lossless editability: I incurred already one unnecessary re-encode during export to MPEG2/HDV (should have fused instead) and now if I re-open any of those .mpg files, no matter which workflow I use (import, then export or fuse) I will have re-encoding again

Moral: for simple lossless HDV cut editing , a tool like Womble MPEG Video Wizard remains my best friend

(or stay with Fuse and the burden of separate uncompressed audio files)