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Premiere handles various formats differently….
Here is a list of all acceptable formats for premiere…the formats highlighted in red can be handled natively, however I still have notivced a difference in performance between the native formats themselves.
DVCPRO HD/P2seems to work very well with premiere as well as most1280x720 formats…1920(1440)x1080 formats tend to cause more lag for obvious reasons.
There also may be background process going in the backgound such as premire conforming or creating peak files.
If you are just working with SD 720×480 footage, there should be no lag at all unless there are alot of effects and/or you are using a non-native DV format.