Big news from Adobe at DV Expo in NY!!! Adobe Sets New Standard in Video Editing with Premiere Pro Adobe Revolutionizes Desktop Video with New Family of Integrated Applications http://www.videoguys.com/adobe.htm
It's been a long wait - but it looks like it'll be worth it. While Adobe may seem late to the latest NLE shootout, looks like they've been watching the competition rather closely and picking out some of the best features.
Premiere Pro has greatly improved audio including 5.1 surround support. The new keyframer is excellent, as are the new color correction tools. They started with an all new 'core' and rebuilt Premiere from the ground up. This is not the same program we've grown to love and hate over the past few years. Adobe has done a great job addressing some of the existig shortfalls while raising the bar in other areas. The workflow between Premiere, Encore, Photoshop & After Effects is very cool.