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Vegas Video by Sonic Foundry is by far superior to premiere in terms of understanding what you are doing editing wise.
It also offers you more options (as in wmv) than premiere does.
I think it's a tad bit more stable than Premiere too (premiere is a mass memory hog).
Vegas Video & it's smaller brother Video Factory have some nice plug ins including Main Actors new mpeg codec that does an incredible job in encoding mpeg files. It's also one of the fastest encoders (software wise) that I've seen.
I truly don't think you'd be sorry going with Vegas Video.
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