Here is a review left by a customer on a product. Would you say he was satisfied or dissatisfied?
Title: Premiere Elements does not handle mpeg files
Review: Warning to others, altough the user's guide and help says that it can process mpeg files, it does not handle it at all. I checked the Adobe User Forums and many others have run into the same problem. Looks like Adobe is not planning to fix the problem. If you need to edit mpeg file, I recommend that you tryArcsoft Showbiz DVD2 or Ulead Video Studio 9. Both of these products work fine with mpeg files.
