You can do a single Frame Export via Adobe Media Encoder (AME) easily as of CS4.1. Do not recall if JPEG was added to the possible formats, but you can certainly do TIFF, and then batch convert to JPEG in PS for an entire folder of these images. If JPEG is there, it will be in a drop-down menu from the still Frame Export dialog screen.
Use the Cursor keys, to step back and forth, to get the best Frame in a group.
Now, remember that the resolution will be low, i.e. 72 ppi when you go to print. In Video, ppi/dpi means nothing. Do not expect to blow these up very large and retain quality.
Kind of convoluted.. but I made it work.
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In PrPro, prior to CS4, it was under File>Export>Still. With CS4, it moved to AME, as did everything else. However, a still frame Export was even worse. In CS4.1, IIRC, that process was simplified, though there was one loss - in the old days, one had a checkbox for "Import into Project," but that choice is now gone. About half of the time, I do want to Import the still into the current Project, and half the time do not. I still would like the option to decide for myself.
As for the JPEG aspect, one must first realize that PrPro is not an image editing program, and is first a video-editing program. The JPEG format requires compression, and that is why the choices are limited - no JPEG (unless it was recently added), no PSD, no PNG. You get TGA, TIFF, BMP and GIF (surprised about this one myself). Between you and me, I would like to see Adobe add both .PSD and also JPEG, but can live without those, as I have PS and can do anything that I want and also automate the process with Actions and the batch processing in PS.
Also, though not a "big button" fan, I'd love to see a one-touch solution to individual Frame Export, with the option to either Import into my Project, or not - at my discretion - plus add JPEG and PSD. Who knows, maybe CS5?
PS - even with older versions, it was not a one-click does it all operation, but now it's a step, or two, more. In early CS4 versions, it was a real PITA, so things have gotten better.