Thanks Mike and Alan,

As of now I intend using it only for exporting to video and editing - I dont intend doing much DVD stuff. I was wondering editing wise if it lacks any 'punch'.
And also its not one of those softwares that will get outdated right - in the sense there's no danger of this 'super editing software' coming out that would make Premiere 6.0 render useless?? (pun intended )

by elements you mean the basic Adobe Premier 6.0 right? Little confusted with all the 'pros' and 'elements'-

Dhanyavad again.