Here's a video that gives an overview of the workflow:http://www.video2brain.com/en/videos-1927.htm
There's some more information in the PDF document linked to from here.
AMA is not supported.
As far as I can work out this feature doesn't work with Avid MC5 and Premiere CS5. I searched around a few months ago and I couldn't find anybody either on these forums or on the Avid forums who have got it to work either.
See this old discussion on this forum: http://forums.adobe.com/message/3187259
Same here. The AAF file works as far as the edits go but the files all come in as offline and when you try to relink them it gives an error message "the file has an unsupported compression type" with MXF files.
Todd said AMA is not supported but the video tutorial from the link in the PDF he posted said MXF is not supported and to use AMA so I tried exporting an AAF with AMA files and when I tried to open it in Premiere it crashed during the import process. Tried it several times and it crashes every time.
I'm using windows 7 pro 64-bit and media composer 5 and premiere pro CS5.