I've found one other post on this subject unanswered...
It's not that it doesn't work at all it just distorts the sound moderatley and doesn't sound half as good as it does when you do it in Audition.
Anyone have a fix? Or can confirm this issue I'm having is a bug every Premiere user has? Or perhaps it's not a bug at all and Audition just renders it much better?
I also want to mention that I am using the proper sound resolution for the clips. I've discovered up converting a 44.1 Hz clip to 48 Hz will completely break "Maintain Audio Pitch" (Producing nothing, but horrible garble even with a 1% speed adjustment) as opposed to the moderate distortion you get when using the right resolution.
Pitch alteration and retiming of audio is always an imperfect process - I don't use Audition much, but it's entirely reasonable that it simply has a better pitch-shifting algorithm than Premiere.