@JoelMertz - Your comment is almost ENTIRELY wrong... I thought maybe it was published a long time ago, back when CS2 or CS3 were the only offerings, but no, it is dated "1 month ago".
1) You can change your timeline settings within a project in Premiere. This was added in CS4, two years ago.
2) Blend modes changes are also available (I believe this was a CS4, possibly CS5 addition)
3) Time-remapping controls were added in CS4, and are very useful, and "professional".
4) Yes, FCP Suite has "Color" - but I'd rather have AE and PS any day of the week over a color correction app.
5) The slick integration you spoke of is incredible, and an amazing time saver. Google Adobe's "Dynamic" link - that one AE/PP feature alone makes the Adobe suite better than FCP. (Depends on how much you use AE though) - It is not slower to link projects this way, not even close. Do some practical tests using the Mercury Playback Engine...
6) FCP can handle PS files easily - but it can't handle their blending modes separately, as PP can.
7)"It's no wonder why so many high end productions are using FCP" - yeah, because of close-minded, unresearched opinions like yours totally throwing under Adobe under the bus based on assumptions and false-hoods.
8) Mercury Playback Engine > ProRes Codec... hands down.
This is my professional opinion, having used the both program suites professionally for many years. FCP is an amazing program, and as the "industry standard", it has it's place... but Premiere is easily the better of the two programs if you actually bother to give it a chance.
Oh, and @robGRAUERT - Have you actually used Premiere? You sound like a typical Apple fanboy.
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Jonathan