> H.264 playback is through the software Mercury engine and wouldn't be helped by the GPU (unless effects were applied)
That's not entirely accurate.
There are a lot of things that are GPU-accelerated, not just effects.
There's a full list for CS5 here:
http://adobe.ly/fz6zFZ
Additional items accelerated in Premiere Pro CS5.5 are listed here:
http://adobe.ly/gE0JlS
Note that the statement in an earlier post about needing an Nvidia card also isn't accurate for Premiere Pro CS6, as described in this post about OpenCL in Premiere Pro CS6:
http://bit.ly/Je20M2
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Todd Kopriva, Adobe Systems Incorporated
product manager, professional video software
After Effects team blog
Premiere Pro team blog
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