Normally, one does not need to Render, even though any "synthetic Video," like a Title, a Still Image, Black Video, or Color Matte, will show a red line. Same for a Transition. However, unless one has done animation, the need to Render is not really there. For intricate Transitions, if the playback is not smooth enough, just Render that that section of the Timeline. You can limit the area to be Rendered with the WAB (Work Area Bar).
I have many Timelines, with Titles, Stills and Transitions, and never Render, as playback is smooth enough for me. OTOH, if I am animating a Title, or Still Image, I might Rrender a dozen times, as I tweak the parameters.
For more info on Rendering, see this article: http://forums.adobe.com/message/3484339#3484339
For more info on the WAB, see this article: http://forums.adobe.com/message/3961685#3961685
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You dont necessarily need to render everytime as suggested by Bill. Whenever we add any effect or transition or edit any paramater, PRE needs to create new preview files to give a smooth playback.
If you have a good enough system, you wont have to render it . the timeline will play fine . You can then render the timeline in the end when you've finished working on the video and plan to export.
I printed the articles, but haven't read all of them yet. Limiting the area to render on the WAB helped but it still took about twice as long to edit a video today as it should have (four hours instead of about two). I didn't add any transitions to cut the time, but had to select the added-text area and render it every time I added text. I'm editing dance videos, and after a transition or text, the video is jerky and the area has to be rendered to view it properly. I have an HP Pavilion Dv7 with 6 GB of RAM. I'm not at all happy with Premier Elements--there must be a better way.
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For just Text Titles, I am surprised that you need to Render, with each Title.
I often edit hour-long Projects, and usually never need to Render, to see good playback. For most, the only time that I do Render, is when I have animated something, and it must playback with ultimate quality.
Some NLE (Non Linear Editor) programs do "Background Rendering," but if you think editing in PrE is slow, you will likely not be able to do much of anything, when that Background Rendering is taking place. IIRC, Pinnacle Studio added that, many years ago, but most users clamored for a way to turn that OFF, as they had to wait, while every change they made was rendered.
In my case, I am editing on an older workstation, and on a fast, but old, laptop. Both are running XP-Pro, so only have 4GB of RAM. For me, and on either computer, the playback just does not require that I Render, except for those mentioned animations, and then I Render just that Title, Clip or Still Image, until I know that I have what I want.
Sorry that PrE is not for you. Some users have sung the praises of Sony Vegas Pro, and some CyberLink's PowerDirector, and Magix MovieEdit Pro. I have the latter two, but do not like to edit in either. I just use them for some very specialized file-types, when I need them.