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Twixtor is much better than using a speed change in PPro. Time Warp would have been closest in quality, but is no longer included in CS5. Time remapping output quality is markedly inferior to Twixtor. Twixtor works well with CS5 and on my system plays back HD footage (including DSLR) in realtime (with MPE, GTX 285, and playback resolution set to 1/2).
There is one bug you have to be aware of with Twixtor, though. When you apply it to a clip and apply a speed change, it no longer recognizes the in and out points and plays the clip from its source beginning. The workaround is to trim the clip to the part desired and nest it in a new sequence. Add a solid matte or transparent video of the same length on the new timeline after the trimmed clip (see Twixtor instructions to understand why). Put the nested sequence in the main sequence and apply Twixtor with speed changes. It's a bit of a pain, but the results are worth it.
Note: edited to correct Time Warp vice time remapping
One other note. Of you're doing a speed change of 20% or less, the transparent video/matte added to the nested sequence will have to make it long enough to allow for the speed change. You won't simply be able to apply a speed change and stretch the nested clip unless the source is long enough.
Bob, thanks for the useful information! One question. I am not sure what you mean by” Time Remapping is no longer included in CS5” What is different in CS5 than in previous versions?
It's Time Warp that's missing from CS5; it couldn't be ported to 64-bit.
Sorry, I meant Time Warp, not time remapping. Time remapping is still included. It's essentially the same thing as a speed change, with more control over timing through a clip. Twixtor's output quality is much better.
Bob, I downloaded the demo and applied the twixtor effect to a clip in its own sequence. But the display immediately turns into an orange solid and I can no longer see my video in the program monitor. In watching the tutorial on their web site, I should be able to see some output. I cannot see anything but orange even after rendering. But the tutorial was done using Version 4 on CS4 on a Mac. So who knows what is different with CS5 in windows?
I am not sure if I am getting an organge solid due not putting in a serial number? (And I cannot see where to even put in a serial number in now that it is installed.)
BTW, Timewarp is still in After Effects CS5. So, if you have After Effects CS5 and want the high-quality time changes wihtout buying anything extra, you can do it in After Effects.
The higher-quality version of frame blending (pixel motion) for time-remapping is also just in After Effects.