I have just aquired Premiere Elements 9 for my Mac having used Prel for many years on a PC, would like advice on best set up, I have i mac 3.2 GHz intel, 1TB Serial ATA drive, ATI Radeon HD 5670 512MB GDDR3 SDRAM, 8GB 1333MHz DDR3 SDRAM-4X2GB, plus 1TB external Hard Drive.
Do I transfer footage from my Mini DV camera to the external HD and also have scratch discs at this location, or have everything on the computer HD.
Once edited and DVDs produced I usually dump the files and retain the original tapes.
I assume your iMac is a dual core or quad core processor. (If it was made in the last couple of years, it is.) If so, you've got a very nice set-up! Similar to my own.
My advice is to use your computer's main drive just for your program files and operating system, and store all of your project and media files on your external drive.
In my books I also recommend that, whenever you start a new project, you create a new folder for it on your external drive. If you do this, Premiere Elements will keep all of your media, render and scratch files within that folder -- which makes removing the project later as simple as deleting that folder!
That confirms what I thought was the best set up.