Recs.
Updated
[$240 USD+/yr]
Premiere by itself is $19.99 USD/month (with a 1 year commitment).
It's possible to get the full Adobe Creative Suite (including After Effects, Audition, Photoshop, Lightroom, Illustrator, SpeedGrade, InDesign, and much more) for $49.99/month, or $29.99/month for the first year if any CS3+ is already bought.
Specs
Pros
Pro Works well with other Adobe programs
This program is made to interact very well with the other Adobe production apps like After Effects, SpeedGrade, Soundbooth, Photoshop and others. Adobe programs can dynamically link with each other, so when an update occurs in Premiere it will update in other software accordingly.
Cons
Con Licensing much more expensive than competition
The cost of the adobe system over a 3 year span is significantly higher than other comparable editors. Their licensing for schools is particularly problematic as updates aren't available for site licenses in a timely manner, leaving us with compatibility issues with students using their own licenses at home.