Well, I finally figured out that you have to have Quick time installed on your machine. After I installed it, things are going fine. However, and this is very strange, I tried rendering in every reasonable option:
(.mp4, .m2ts, .mts, .avc, etc.) and none of them would play in Quick Time.
But when I render to a blue-ray disk image, it provides an excellent playback on my blu ray player. The blue-ray render yields an .iso file, which I was able to burn to a DVD using the very old Creator Classic 6. One word of caution: when I selected "Render and Burn", I got a message that DVD Architect Studio wasn't installed. I downloaded it, installed it, and the message went away but my first burn failed. So I selected Render to disk image and used Creator 6, and it worked fine. you do need some type of iso burner, but architect itself isn't needed unless you want "Click and burn" with out launching another program. I am glad that Sony doesn't cripple the trial program in any way like some companies do. It is the same program: all I have to do is purchase a serial number and plug it in. No new install is needed.