my shortcode tool in VELVET doesn't work at all with newest WP 3.4.1. I use the latest version of VELVET, too - just downloaded it again, to ensure this! I have also deactivated all plugins!
I know, that there was a similar bug here in the forum concerning CORONA or NEWSCAST, but I haven't found it anymore ...
I can open the shortcode tool by clicking the icon, to generate - in my case - my columns; I can make my settings within this pop-up for example, but when I click "insert", it inserts just nothing. Nothing happens.
Sure, I can copy&paste this from documentation file, but it would be great, if it works within the theme, too.
The shortcodes itselves are working, when I copy them from documentation!
Perhaps you can provide a solution like here
for VELVET, too?