The magnification you use in the Program View has nothing to do with the quality of the video that you finally export out of PPro. Think of the Program View as a working view. When it comes time to export you can use completely different settings. Usually one keeps the Program View set to "fit" so that you can see the entire frame.
You will also find links to many free tutorials in the Premiere Pro Wiki that will quickly show you how things are done in PPro.
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Eddie said, "The magnification you use in the Program View has nothing to do with the quality of the video that you finally export out of PPro." and the irony of this statement is that it totally opposes what Adobe has implied for many years.
Followed through, this means that anything you edit in Premiere just "may" coincidentally match what you are trying to do. Best guess I suppose?
You're right Eddie, of course, but it sounds quite brutal the way you say it, considering most punters would not have access to external monitoring (particularly with HDV).
Maybe now you have clearly identified this less than professional attribute you can follow through and have Adobe prioritize this issue.
GV Edius have done it.