Hey guys, thanks for chiming in.
I do routinely delete the "Media Cache" and have never had a problem. Those seems to be the render files (in fcp world) that help with playback. I have found that by redirecting those files to my work drive, i dont have to worry about them clogging my boot drive.
The problem i am having is for the "Metadata Cache" files located at: Library/Application Support/Adobe/Premiere Pro/5.0/Metadata Caches
This folder is now about 8GB and keeps increasing. In the meantime, i have been unable to find the option to store those files somewhere else within the Preferences panel and thus, would like to know what happens if i delete them. If its like the "media cache" folder, it will just regenerate the files it needs for whatever project i'm using, but then again, i'm afraid it might make the whole project explode...
Anyone have experience with this?
These files are actually managed by Adobe Media Encoder. You can manage their location as follows:
Open Media Encoder
To open the Preferences dialog box, choose Edit > Preferences (Windows) or Adobe Media Encoder > Preferences (Mac OS).
In the MEDIA preferences you'll see the location of "Media Cache Files"
You can click browse and select the new location.
I hope this helps.
Below are a couple of links from Adode that address this situation.