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.
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Pro Widely used
Easy to find tutorials, documentation and support.
Pro Advanced tracking feature
Moving objects can be tracked using Premiere. Once an object is identified, certain effects (like face blurring) can be applied.
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.
Pro PC and Mac support
Works on both Windows and OS X
Pro GPU accelerated rendering on Mac
Pro Multicamera editing
Multi-camera sequences can be created based on in or out points, timecode or even audio, allowing users to to edit multi-camera setup in real-time via keyboard or mouse. Additionally, Premiere can display camera angles as track or clip names.
Pro Subscription / cloud-based model
Ensures that the latest version of the software is always installed. Allows saving preferences (such as workspace layout and keyboard shortcuts) in the cloud, so the preferences can be loaded on a different machine. Users can even download personal settings from each other.
Pro Window-based layout, allows for a more flexible workspace
Pro Smart Rendering
An option called "Smart Rendering" will not re-render a file that is of a certain format that it also exports to, it will just tack it on, reducing render time and artifacts.
Pro VST plug-in support
Pro GPU accelerated rendering on Windows
Nvidia and ATI cards are supported.
Pro Native ProRes & DNxHD support
Pro Works with basically any resolution
Technically up to 10240x8192px, but QUHD probably won't be a standard for a while.
Con Slow and choppy performance working with 4K or higher resolution
Working with REDcode 4K or higher brings the performance and stability of Premiere down.