Multi-cam waveform (CS3)
 

Not really a major problem but just wondered what other people thought.

With multi-cam clips in CS2 you could see the audio waveform, but now in CS3, there's nothing there

is there a quick solution to get it to show, or does it involve tedious rendering?

Rendering, yes, but it shouldn't be too tedious. Rendering audio only takes a few seconds.