I messed around with the effects in premiere whilst doing a wedding video this summer and come up with this very effective effect (but time consuming in processing):-
copy the video tracks so you have two identical tracks one on top of another. The top one should be at around 50-70% opacity. The bottom one with about 40 guassion blur and an increase in contrast of around 40 also (although I found you had to play around with specific clips to get the best effect), a decrease in brightness is also effective.
This effect does make rendering a much slower process, but if you are doing a "summary" 5min video like I did then can be very effective. The basic concept is that the main video is "stylised" by the overlayed blurred yet colourfully blurred "edges" on the top "50% transparant" video.
Play around and post your results!