I might have been able to answer my own question to get a somewhat similar experience that I do in iMovie. I Add Media-->Folders and Files and I work my way to iTunes--> iTunes Music --> Music. I can then input a search and preview the song. A few extras steps, but I guess that can be okay. I guess I could also add the Music folder as a Favorite and be able to access those music files more quickly. Any other ideas would be welcomed.
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I would certainly recommend converting your iTunes music to an MP3 or, even better, a WAV file before you import it into a Premiere Elements project. There are a couple of reasons for this.
1) Premiere Elements works most efficiently with WAV audio (even the Mac version). Some file formats can cause the program to lug tremendously.
2) iTunes has loosened their grip on their music a lot -- but a great many iTunes songs have copy protection which will throw up an error code when you try to use them in a video editing project. If you get an error when you add a song from iTunes to your Premiere Elements video project, this is why.
Steve - Thanks for the suggestion. I will keep this in mind as I continue to get my feet wet with the application. I think 95% or more of my songs are now DRM free from Apple, and in evaluating PE 11, I want to try to make creating a project as efficient as possible. If I find I have to start to convert music, photos, videos etc a lot in PE, I'll probably just stick with iMovie. I have 30 days to find this out, so I definitely will let you kow.
And, your book will for sure help me along the way!
Thanks for supporting the book, Tony! Happy moviemaking!