
Is it worth it : No.
Is there are better title tool: Yes - it looks very nice.
Does it import MPEG2 directly: Yes - through MainConcept's decoder I believe.
What about these "realtime previews": There is an option for it, but it's half baked. Let's just say you're not going to get any realtime MPEG2 previews. I finally got a "realtime" preview when using two 320x240 bitmaps one with %50 alpha, and both with image pan effects(with keyframes). Things got choppy once I used 640x480 bitmaps.
The thing about the "Realtime Previews" is that it reminds me of the "Render To Screen" option in 6.0. I don't think they really put much work into it. BTW the "Render To Ram" "Render To Disk" - "Render To Screen" are all gone, it's replaced with a simple checkbox that says "Realtime Preview". I never saw any point to Render To Ram or Render To Screen as computers have yet to be powerful enough to display a Premiere project in realtime.
So this is a BIG FAT letdown. The "realtime algorithm" doesn't decrease image quality or really try any tricks to speed up rendering. I believe it's just a "Render To Screen" with the name changed to "Realtime Previews".
What about annoying things like Premiere auto-setting 0.9 pixel size on 720x480 footage, or the "De-interlace when speed is below %100": Neither of these "problems" have been resolved. I wish there was some way I could tell Premiere "No I don't want these settings on all my clips" or visa versa. That isn't so though, Premiere enables these things by default once again.
Other things:
The help files are the same as Premiere 6.0, they didn't even bother changing the image at the top of the page to say "Premiere 6.5". The help file contains no real information about the new features of Premiere 6.5. In fact it even included references to features no longer in 6.5, such as the previously mentioned "Render To Screen - Render To Ram - Render To Disk" options.
Possibly this hypothetical version does not contain the proper help files, it was a hypothetical copy of a hypothetical CD, so I do not believe that is the case.
Premiere looks to comes with the ability to export MPEG2 or MPEG1, through MainConcept's MPEG engine, I haven't tested it out as of yet though.
Remember this was a purely "hypothetical

~klinky