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Everybody has their own preferences for workflows, and their own opinions of what works best for themselves. Your source files, output requirements and available drive space will all effect the workflow you develop.
Personally, as my normal workflow is totally uncompressed until delivery, I edit my content as much as possible, then export content which requires motion graphic work as an uncompressed or lossless Quicktime file. (If I'm working on something short like a TV commercial or music video, I'll just export the entire project. If it's something longer, I'll export the segment that requires work only.) I then do the work required, and re-export in the same lossless or uncompressed format. The uncompressed file then goes above the original in the editing timeline, where output files are generated.
Adobe's Dynamic Link process is another option you haven't mentioned, which allows you to open Premiere projects in After Effects and vice versa. I work in Final Cut Pro anyway, and my limited experience with Dynamic Link has found it to be a bit flakey, so I prefer the method above, generally. There's a third party product called Automatic Duck that does a fairly faultless conversion of FCP projects to AE, if you really need that process.
I really appreciate the help.
Actually I am not familiar with Adobe Dynamic Link, though I've heard of it before. Is this a separate program that must be purchased? I have the Adobe Creative Suite 3 Production Premium, and I don't see "Adobe Dynamic Link".. or perhaps it's something I chose not to install...
Can I also ask which compressor you use when exporting into the quicktime video?
Thanks for the help.
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Dynamic Link is a feature in the suites. It allows you to render content on the fly e.g. by inserting a blank new comp in a premiere Pro timeline. Then in the background an instance of AE will be launched that handles the rendering of the comp placeholder. This way you are more flexible before commiting to final rendering. The downside is, that you need a quite beefy machine with enough RAM since effectively you have then 2 very resource hungry programs running at the same time... As for the rest - mostly a matter of preference and the piece being worked on. Generally, though, you would want to cut in Premiere first to avoid processing footage in AE that you throw away later. Once the rough cut exists, you can treat clips selectively in AE. as long as you work uncompressed, there is no degradation....
This page summarizes the various ways to work between After Effects and Premiere Pro and provides links to sections of the Help documents that describe each in more detail: "Working with After Effects and Premiere Pro"
[edit: Oops. I see that you have Production Premium CS3, not CS4. Here's the link for CS3.]
Thanks for the help again... So when I go to export my video, I click on File-> Settings, then on the General tab i have File Type, and I click on Quicktime. But on the Video Tab, what Compressor should I use? Which one do you use?