The new Premiere 6.5 can. It's not really any faster then AVISynth tho
. Premiere 6, couldn't import directly. However, if you used a card like a Pinnacle DV500 or a DC1000 you could use it's software to bring mpeg2 video into Premiere or of course use AviSynth.
Keep in mind that either with Premiere 6.5 or something like a DC1000 you need to demux(splice out) the video stream(m2v) from the DVD .vob files before you could import.