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Yep, you can do both. Works well enough for me; I regularly edit MOVs and am exporting to them frequently (Sorenson Squeeze seems to work better with MOVs versus AVIs) without incident. Others report problems or at the minimum, quirkiness, but I've had no such issues.
One thing to note is that QuickTime is still a 32-bit app and (as you're obviously aware) Premiere is a 64-bit app, so Adobe had to create a tunnel of sorts in order to enable QT support in Premiere (and AE, for that matter). As such, you may notice some performance differences, but that's a big "maybe" from my experience.
Try out the trial of CS5, if you haven't; QuickTime support is enabled in the trial.
Colin - I read an Adobe pdf that seemed to indicate the ProRes would not be supported on 64 bit Win7 (with 64 bit Premiere or AE).
Do you know if this is the case? I've got a lot of video formatted as ProRes HQ 422. I thought that ProRes was included in Quicktime.
I may have to look into NeoHD and transcode, as I'm toying with moving all editing over to Premiere on Win7 due to Final Cut Pro messing with the gamma and colors in a way where I cannot generate output that matches my input. Very frustrating.
ProRes decoding--that is, playback--is supported and available on Windows (all platforms). However, encoding to ProRes is not possible; this is not an Adobe limitation, but rather, an Apple limitation, as there is no ProRes encoder included or available for Windows. Any ProRes file that I've tried--SD or HD--has been usable in Premiere on Windows. I haven't tried the 4444 variety, but if the decoder is available, it'll playback. ProRes 422 HQ should be no problem, though.
Here's a screenshot of a ProRes 422 HQ clip successfully loaded into the Windows version of Premiere Pro CS5: