We are investigating a possible issue with versions 1.6.01 and 1.6.02 that may cause users to lose their default cut settings when opening a new project file. At this time we have been unable to reproduce this behavior internally, and believe reports of this issue are most likely due to user confusion over the default settings feature.
However, out of an abundance of caution, we've rolled back the public release to version 1.6.00 while we work on verifying whether a bug exists, and, if necessary, fixing it.
We will restore version 1.6.02 if we determine there is no bug, or release version 1.6.03 if a fix is required.
Download version 1.6.00 here.