mpeg2 will be no problem in premiere. the videos you shoot won't be as good as a professional hd camera but they should easily surpass your old camera. a few things to watch with a flash memory camera is you won't be able to capture footage the same way, you'll have to import the entire file from the memory card (you can then mark your ins and outs etc, but most people moving from tape to tapeless find it a bit different as you will no longer have that tape sitting somewhere as a backup should you need to recapture your footage), and secondly flash memory is formatted fat32 unless it's a proprietary format i've never heard of so the maximum any of your shots will be is 4 gigs. you can shoot as many 4 gig clips as you like, depending on how big the card is of course, but none longer than that. depending on the settings you choose to shoot with that will vary how much time your clips can last.
that camera is also equipped with a 32 gig internal hard drive, so that's not bad.
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