I had been struggling to find a solution to the problem in Adobe Premiere Pro CS4 were the Media Encoder fails to export any video. I read lots of forums and posts to fix this issue with no luck until today. I found an adobe forum that had the solution. Apparently the issue occurs when you have already had a previous install of Premiere Pro CS3 and then install Premiere Pro CS4. Then Uninstalling the CS3 version messes up the CS4 install. I was really frustrated since we had just paid a lot of money for this supposedly better version of the application. Well, after doing much research I finally found the answer here http://www.adobeforums.com/webx/.59b6d73a and it’s down a ways on the page but basically here are the instructions to fixing this really stupid but frustrating problem.

Steps to fixing the Premiere Pro CS4 and Media Encoder issues:

1. Open a Windows Explorer window and navigate to the folder that contains "dynamiclinkmanager.exe" – (C:\Program Files\Common Files\Adobe\dynamiclink)
2. Open a second Windows Explorer window and navigate to the folder that contains "Premiere.exe" - (C:\Program Files\Adobe\Adobe Premiere Pro CS4\Adobe Premiere Pro.exe)
3. Arrange the windows side by side.
4. Right-click on "Premiere.exe" and drag to the first explorer window, targeting between the files so as to avoid any specific file.
5. Release the right-hand mouse button.
6. Select "create shortcut here" from the pop-up menu.

P.S. Make sure to rename the “Adobe Premiere Pro” shortcut to “Premiere” in the folder you are copying the shortcut to.

Hopefully after you have performed the shortcut fixes to the that contains "dynamiclinkmanager.exe" you will have a working exporter. Please note this does not fix the amount of time it takes for Premiere to load your files. That unfortunately still sucks as it seems Adobe made the export process actually slower as it loads everything into memory!

Hope this was helpful to someone :)

http://www.adobeforums.com/webx/.59b6d73a