I had this camera and used premiere pro 2 just fine, any earlier version however does not support mpeg files. theres also some issues with that format so becareful, its "upperfield" not lower field, and you should ALWAYS de-interlace that footage other wise it ghosts when put on dvds..
since then i have bought the sony vx-1000 in my opinion a BIG upgrade, way bigger lens capabilities, seems to record smoothers frames so when i play it in slowmotion its REALLY smooth compared to choppy with the mpeg camera. not to mention the handle makes things much easier.
hope ive helped! good luck
Acer Aspire Intel Core 2 Q6600 Quad
2.4 GHz Processer
500GB SATA HD
300GB IDE External HD (usb)
2GB DDR2 RAM
16x DVD DL Burner
ATI Radeon X1650SE PCI-E Graphics Card
Dual Monitor (19" DVI LCD, 19" VGA LCD)
Adobe Production Studio CS3
Steinberg Cubase SX3
Sony VX-1000 with Modded Raynox MX-3000 Lens