I have been making short films for some time and have followed ulead MSPro since version 5.0, I used to capture video via an ATI All in wonder and output MPEGs before moving to DV.(posted 8110 days ago)I am now using MSPro 6.5 with a DV Camcorder and a Hollywood Dazzle DV Bridge handling transfers from a 3CCD JVC TV Camera.
The features in 6.5 are amazing, with the addition of Instant Play, DVD authoring and excellent DV I/O options the software has really grown up. The upgrade path is also very affordable (You can upgrade to MSPRo 6.5 from VideoStudio 4.0 (which ships with many 1394 cards) for about £150).
I recently decided to try the demo of Premiere 6.0 in case there was something I was missing. Alas there wasn't. Perhaps the full version of Adobe's suit might work properly, but for me the captured DV was completely black with distorted sound and the thing crashed endlessly. Sorry. I just couldn't be bothered going any further with it.