There are actually two very distinct workflows. Each offers unique advantages and relative drawbacks compared to the other, and it's up to you to see which would fit your needs better.
1. Premiere Pro project import into AE: It means that you can import a Premiere Pro project, and After Effect will turn every clip in your PPro timeline into an After Effects layer. Most common setting and effects in the PPro clips will be translated into AE equivalents (motion, playback speed, color correction, etc). This strategy would be ideal if you want to work on narrative aspects in PPro first, making use of its' editorial toolset, then concentrate on higher-end finishing in After Effects, for example. Note that once imported into AE, it becomes an AE project and it's no longer in sync with changes you may want to do in the orginal PPro project. Once you finish, you can render a video file or send the After Effect composition to PPro using Dynamic Link.
For more information on this, please see Import an Adobe Premiere Pro project in After Effects help.
2. Premiere Pro sequence to AE through Dynamic Link. This option will make your whole PPro sequence appear in AE as a single layer (you can trim it/split it in many layers if you want), but offers the amazing possibility of making changes in PPro and see them immediately updated in AE. What you do once you're done in AE, it depends on what you need the end result for. Is it for broadcast TV? The web? DVD? Depending on the answer, you can export the end result from After Effects, create web video with Adobe Media Encoder, author DVD or Blu-Ray in Encore, etc.
Please note that Dynamic Link is also especially cool when you use it the other way around: taking After Effects Comps to Premiere Pro without having to produce an intermediate video file. You can modify the After Effects comps (think sophisticated text animation, lower thirds, credits, etc) and see the results immediatly updated in AE. You don't even need to save the project file in AE to see the Premiere Pro sequence updated.
You can also select a range of clips in the Premiere Pro timeline, and automatically generate a linked composition in After Effects with those clips.
As you can see, there are many, many options depending on your needs and workflow preferences.
For more information on this, see About Dynamic Link in After Effects Help.
As you can see, there are many, many options depending on your needs and workflow preferences. It's up to you deciding if you want one, the other or a combination of both in your workflow.
If you have more questions, let us know.
Just a quick reminder that Dynamic Link only works if you bought the Production Premium Suite. It won't work on Point Products.
> Just a quick reminder that Dynamic Link only works if you bought the Production Premium Suite.
... or Master Collection.
BTW, in addition to the other resources that folks have already pointed you to, I recommend the "Working with Adobe Premiere Pro and After Effects" page and the tutorials and other pages that it links to, including "Dynamic Link and After Effects".
Is this for CS3 or CS4. I have CS3
This workflow is both for CS3 and CS4
Isn't that workflow also for CS2?
Some aspects existed already in CS3. But other important features are new to CS4.
For example, using Dynamic Link *from* Premiere Pro to After Effects or Encore is new in CS4. Before that, it wasn't possible to send Premiere Pro sequences through Dynamic Link. Also new in CS4 is the ability to open After Effects Comps or Premiere Pro sequences through Dynamic Link in Adobe Media Encoder, so you can encode those while you keep working in your applications.
Dynamic Link from After Effects *to* Premiere Pro and Encore existed in CS3 and even in Production Premium 2 (it was never called CS2, though ).
Premiere Pro project import to After Effects was also there in previous versions. But it's very important to point out that the number of features that are supported when translating PPro clips into AE layers increased in every release. For example, support for Premiere Pro speed changes and time remapping is new in CS4.