I just tried to transcribe an interview which is something I haven’t needed to do until now. It was a multiple set up and the audio was recorded separately to a pro recorder not into a camera. If I select the audio all that happens when I press transcribe is that media encoder opens and re-encodes the audio. I brought it in as a wav file. Does this feature work or is yet another CS4 disastor?
Does this feature work
From user reports, not especially well. It's kind of a gimmick that I would have preferred Adobe left out in favor of some real worthwhile new features, such as a native 64 bit version of Premiere, or separately exportable Encore chapter markers not tied to a specific MPEG export.
As Jim says it is just a Gimmick. I have tried it a few times just to check it out and it did not work well at all. Even with very clean and clear audio during an interview. That could have been time better spent on other things...