Shane's right Ian. I've been familiar with every rendition of Premier since it's inception. Versions 1-4 worked, sortof, but not in a manner suitable for broadcast. The first Premier Pro delivered though with the ability to play without having to render everything (which was it's main drawback until then). Premier always carried with it a major stigma as a non-pro product though so was never really taken up by many (if any) in the broadcast industry. I have many friends however who work on training video's for the web and Premier is their only edit software.
As a specialist freelancer I have to be aware of and experienced in all of the variaties of NLE software. It's interesting to see FCP go back to the stigma 'it' had back before v4HD and how similar it is to the attitudes towards it are to Premier Pro when it first came out. Yes, it is better than previous versions but isn't looked upon as a 'pro' software anymore. My kids certainly prefer FCPX to PremPro or FCP7 (or iMovie for that matter). I can't use it just yet because the Audio tools are just so lacking.
So, I beleive PremPro has actually been a 'good' app since CS2. But has definitly got better with each one. There's not that much distinction between CS5 and 5.5 so I can't work out what context this commenter states that it is 'now' a good app. They've probably only just become aware of it!
Pi