Yes, the trial version disables the HD presets, but you can create a custom preset that will allow you to edit HD footage.
Select new project and select the “custom settings” tab and set the “editing mode” to desktop. This will then allow you to set the frame size to whatever you want (eg.1280×720)
You will need to have an undestanding of the codecs and pixel aspect ratios used for HD since using premiere in this way is completely manual, but allows forbetter control.
You may have problems with playback of uncompressed HD AVI’s depending on your computer, and you may even have to reconvert files to a different format after they have been exported from premiere in order to use them….so, I would recommend using Adobe Media Ecoder that can be accessed within premiere. This encoder will give you options foronly Flash, real media, quicktime and windows media; all of witch have settings for HD export.
Good Luck
You may jsut have to use another program to capture the footage than edit in Premiere….
