The software is technically very very similar. Final Cut has been around in it's current stable (enough) state for 3 years while Premiere has been through the mill a little bit since moving from 6.5 to Pro to CS... In it's current state I think I can happily say it is on a par with FCP (Although with an FCS3 due who knows).
Native EX is to become quite a selling point for Premiere over FCP at the moment unless FCP enters into this soon.
Smoke is nice software but Media Composer currently still dominates the Broadcast and Film markets. Final Cut is extremely popular in the corporate markets due to it's price, although the recent Avid price drop could start to open that up again.
Ultimately it's the skill and knowledge of the editor that makes up for a lot of it. I'm pretty sure if you sat me down in front of a new package, with similar features, and gave me half an hour to fiddle around with it I could easily produce something of a similar quality to a package I know well. It's just a different workflow to achieve the same goal.
I see no real reason why grading, compositing, animation, motion graphics, sound construction etc. should be done within the edit application if the other tools are available to use (assuming Studio or ProdPrem is purchased).
Codec-wise it's definitely worth checking out
http://www.onerivermedia.com/codecs/ for some great codec comparison. I highly recommend giving it a browse if you're an enthusiast or even a pro. (I realise the site is a little on the old side!!)
Personally I'll edit with what ever I'm given, but through choice I'd pick the Studio suite... Why? I'm most used to it's workflow!