I just saw on CNET that Adobe is announcing Premiere 6.5. It sure sounds like they're trying to play catch-up with Vegas. Excerpts from article:

"The new version of Premiere allows real-time previews of special effects that formerly would have required lengthy rendering cycles..." [hey, Vegas does that already - what took them so long?]

"Additions to the new version include expanded tools for creating title sequences...new sound editing tools and MPEG encoding."