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Well, I ordered Premier Pro 5.5 at the half off "switch" promotion. Hope this wasn't a mistake. Apparently it doesn't include the audio software, Audition. Upgrading to the Premium package would include that includes After Effects, but that's kind of a huge jump for a novice. My other concern is no prores codac. I'll be using a HV 40 for now that has tape. So hope Primier will work as well. I could see another camera as well soon. So maybe it was a mistake and I should go with FCP X?

I haven't used tape for a long time, so I can't say for sure that it works but the option is there for logging and capturing in CS5. As for Apple Prores, it isn't really necessary since Premier plays almost all file formats natively. You only need a good lossless codec if you are roundtripping your footage, and then you can use Prores. Any codec on your machine is available to Premiere. That is one of the things I like about Premier is not having to transcode footage. Also with the suite, roundtripping isn't necessary very often. Premier projects can be opened in After Effects and AE compositions can be editited directly in Premier, and both can open layered Photoshop files.
 
I haven't used tape for a long time, so I can't say for sure that it works but the option is there for logging and capturing in CS5. As for Apple Prores, it isn't really necessary since Premier plays almost all file formats natively.
Im sure hardware permitting you can use any tape format with Premiere. I think you can install FCP along with Premiere and you would get the ProRES option. Thats what Im seeing on my system.
Not sure if you can get the codec as stand-alone (similiar to Avids DNxHD).
 
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