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.
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.
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.
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.
Con Render times and timeline performance is much slower than competitors
Premiere is the backlight is almost all disciplines and gets beaten by far by Final Cut and the direct Windows-competitor DaVinci Resolve .