Over on the Adobe Forums poster Fabrizio Rizzo has come up with a very effective 5D MkII workflow for Premiere Pro:
******************After much experimenting, I've settled on the following workflow:
1. download clips from camera
2. transcode clips in Adobe Media Encoder with the following settings
video: NTSC, 1920x1080, 29.97 (or 23.967), Progressive, Quality 5.0
audio: 384 kbps, 48 kHz, 16 bit, Stereo, MPEG
encode: VBR, 2-pass, Min 25.00, Target 39.00, Max 39.92 Mbps
3. Start Premiere, choose XDCAM EX 1080p 24p or 30p preset.
4. import clips
I find I still have to render my clips on the timeline.
I've been using this MPEG2 transcoding method for several days now with great success with Premiere Pro CS4 running smoothly on my PC, a Q6600 with 4GB and XP. In my case I DON't have to render the clips; for completely smooth playback I set the display to 'Automatic Quality'.
Also I use slightly different encoding settings. Instead of VBR I use CBR with the bitrate set to 38.6 MB/s (the same as the 5D MkII). This transcodes faster and gives smaller files.
I suspect at least a quad core is required for this, but my Q6600 is the minimum quad and it works well.
MPEG2 fits well with my overall workflow as well (much better than mov or mp4). The transcoded clips play through ps3 so I can get an early preview of how they look on a big screen (via USB). Likewise I export my final Premiere Pro cut to 1080p MPEG2 where I can view it directly through ps3. I can also take this mpg cut into Cyberlink to burn an HD DVD that plays with a Blu Ray player.
Unknown is how the MPEG2 conversion handles color clipping; probably an issue but I haven't delved into this yet. Other than that I've thrown about everything at CS4 and it has been very stable and reliable.