Smart rendering in Premiere Pro has been available for DV and DVCPro formats for years. In Premiere Pro CS6 (6.0.1, and later), smart rendering capability has been added for Long GOP MPEG2 OP1a export
Video which demonstrates Photoshop CS6 enhanced video editing tools. Not sure how this would fit in one's workflow if you're already using an NLE but Photoshop may offer some color correction tools that your may NLE lack.
for those who purchased Creative Suite 5.5 or a Creative Suite 5.5 component between March 26, 2012 and May 6, 2012 - here's how you apply for the free upgrade