I haven't used it too much but I did fire it up to record a VO a few months ago. Worked very well, and simple to use. From what I remember I just hit "Record". It was like a simpler version of ProTools.
After making the jump to Premiere after using FCP since version 2, That's the biggest thing I've learned about the Adobe family of products compared to FCP world -- things work much better bouncing between the suite with Dynamic Link manager instead of trying to force the editing program to do the sound recording (Audition), titling (Photoshop), or animation (After Effects). Working with them all in tandem is the way to roll, and it's actually a very powerful solution once you get your head around the workflow.
I haven't tried to record a VO in Premiere yet, but maybe someone who has more experience with the software can jump in on this. I'm only a few months in with it.
JONATHAN DORTCH
SLY SPECTRUM