The only way I can get Media Encoder to work with Premiere is to export directly in Premiere first to a file, and then take that file into Media Encoder. When exporting from Premiere, Media Encoder acts like it is working, but never encodes anything. It shows elapsed time that continues to count up, but never shows any remaining time and never shows any video in the output preview. It doesn't seem to matter what the encode codec is. (What I'm trying to encode to is MP4).
16 GB Ram
Quad 3.0Ghz dual core
16 TB external RAID storage (600 Meg/Sec sustained)