I've just tried making the switch from Final Cut 7 to Premiere Pro CC.
I made a sequence that is nothing but jpeg still images (shot on a 5D) and audio. The sequence settings are 1920x1080 DSLR at 23.976 fps. Playback
The jpegs are very large (5760x3840) but my machine should be more than fast enough...it's a brand new Mac Pro. I tried dropping some of these images into a Final Cut 7 project and it plays perfectly fine.
I've been having a bunch of other small glitches with Premiere CC but I won't get into that here!