If I do it that way, the tempo gets set to 100 or whatever Sonar defaults to, and the first midi track loses its name, bank, patch, and channel info. I think the only thing I didn't do in your steps was hit w and go to bar 2. Otherwise, that's pretty much what I did, and that's what happened.
If there's a way to import midi and actually preserve all the info, which is what happens when you open a midi, I'd be happy to hear about it. I don't think I saw any options in the import dialogue about preserving tempo and such though.
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