I've been onboard with premiere since CS2 and it's come a long, long way. In terms of features it's definitely got a few over FCP 7, but essentially they're the same program and you can achieve the same end result in either program. The one downside I've noticed with Premiere is it can tend to be a little unstable at times. Through working with it for so long, I've come to know the situations where I can expect to crash it, and thus do a little better job of avoiding crashes.
The thing I love the most about Premiere, and the whole suite in general, is how fast it allows me to work. When the situation calls for it, I can import my footage directly into the program, edit, CC, grade, and export, without ever having to render which is awesome for those fast turn arounds. The integration between the suite is flawless as well, I can go from premiere to any other program with the click of a button, save that file in the other program, go back into premiere and have the updated file right there in the timeline.
I understand why Premiere used to get so much flack a few years back, but it's developed into, in my opinion, a more superior program than FCP. Again, not to say that you can't get the exact same end result with FCP, I just think you can get there a little quicker in Premiere. My two cents on the matter.
