If this is not too old of a thread...let me answer your as a switcher of vegas to adobe premiere & ae:
it takes a genius to get use to adobe...adobe is too far advance for vegas user...i cannot work with premiere yet...don't even have to mention ae...too difficult to handle.
CONS- Adobe is too far advance in term of encoding
- Adobe required more space to run (although I heard cs5 is better at ram)
- The effects are in words and not preview on the side like vegas (except cs5)
- Color contrast is very advance: you have to take some lesson in color/contrasting to move freely in the color cycle
- Preset can be set but hard to handle as a former vegas user
- (as for me) cannot figue how to go the pan/crop in premiere yet
- still try to learn to do border or cookie cutter
- premiere doesn't offer much (such as masking) you have you to possess both premiere & ae to make an good amv
- the trimmer is way shorter and not as comfortable (to me) as it is in vegas
- you'll need a window vista or 7 64-bit @ 8 ram to run cs5
- if you consider about cracking the program (*you know what I mean), then don't even try, WHY? because adobe crashes a lot and need updates to get the bugs fix so with an illegal version, you cannot take full advantage of that.
- If you cracked new blues on vegas and plan to installed it on both vegas and premiere/ae, then you are risking for some computer crashing
- every effect in done in ae
- bringing the trimmed scene to ae is difficult especially if you have multi-scene
- etc...
T/N: As a former vegas user for 8 years, switching is so hard I cannot grasp it at all....
PROS:
- better effect than vegas
- advance 3D camera
- advance color correction
- roto brush (best thing ever in cs5) *no need to mask anime anymore, just click and it's gone.
- advance glass break effect
- 4x more layer compositions than vegas
- can pre-compose or use composition to merge masking layers
- can track (tracking) *this is something vegas have yet to do
- advance rendering
- real time preview
- super fast rendering with best encoding quality (real time **if your video is 4 min, then it renders 4 min. --no need to wait or up your rendering up all night like in vegas)
- can create particle objects without particle illusion (see videocopilot for the possibilities of ae).
- advance 3D text/presets
- easy masking (won't make your masking shift like in vegas so no need to put a black/color shadow or outline around your mask)
- null objects (this is great for tracking)
- screen control
- etc.

you'll have to visit amvnews.ru to see what adobe user can do...(although some use final cut pro for apple/mac user).