Can you customise it to suit?
You can 1) Create a custom sequence preset or 2) do what I do and simply drag a clip from your project window to the new item icon. PPro wil create a sequence that matches the characteristics of the clip.
Thanks, I guess you can customize your own sequence rather then choosing one, did not notice that. Its still silly leaving out that one particular sequence though.
But still when I place my footage on the timeline, it gives me the yellow line overtop and I still need to render it to view it fine, how come?
The DSLR 720p60 will probably work for you. The 60 deals with NTSC while the 720p50 deals with PAL. NTSC is the broadcast standard for the US and Japan, while PAL is the broadcast standard for the UK and some other European countries.
After your edit session is over, try it. If it plays back fine then you can use the preset.
The yellow line came about when Premiere Pro started using Mercury Playback. Red means the timeline has to have the preview rendered to view the effect or transistion without gliches. Yellow means that Mercury Playback Software is helping to playback the video. If you had a CUDA card attached I believe you will see a green line there instead of yellow. It should playback well with the yellow line. You may see it hiccup every now and then depending on how much of your RAM is being used.
If you export your video through the Adobe Media Encoder you don't have to worry about rendering out the previews unless you want the export to be faster. AME will export the workspace or sequence whether or not the preview files are rendered. If you do have preview files rendered, just check the box that says "Use Previews" on the first window of AME when you export.
Hope this has answered a few of your questions.