You can't change text properties or spacing, and you certainly can't change anything else in the After Effects composition. But this feature can be really useful if you often reuse graphics — and, say, all you want to do is change the date or a name. If you do need to update colors or other elements of your motion graphics, you'll have to do so in After Effects, but when you do so and save your work, the graphic, of course, will get updated automatically in Premiere Pro.
I am your master
A useful feature in Premiere Pro is that you can select a clip in the timeline, then use "Paste attributes" with other clips in the timeline to copy all of the first clip's effects and effects implementations. Using this feature can ensure some consistency, but it can be time-consuming, and if you change one clip's effects, you have to go back and use Paste attributes all over again. But now Premiere Pro lets you designate a "master clip": Display a clip in the Source window, drop effects onto the Source window (not the timeline), and wherever that clip appears in the timeline, the same effects and effects implementations will be seen. It has to be one clip; you can't "link" different clips. Premiere Pro still has adjustment layers, which affect multiple clips under them in the timeline, and you can still add effects to individual clips in the timeline, of course.
Adobe touts new TypeKit support in Premiere Pro CC 2014, but really, it's just a new link under the Title menu that says Add Fonts from TypeKit. Clicking it opens TypeKit.com in a browser window; there, you can select open-source fonts for free. But it all happens outside of Premiere Pro — unlike in Dreamweaver CC 2014, which provides a fonts display window. Any fonts you select on TypeKit.com get synced with your system via the Creative Cloud application, not Premiere Pro; afterward, you can use the fonts with any of your applications, not just Adobe ones. You'll need to restart Premiere Pro before you can use the fonts.
Now that 1080p content has become old-school, it's nice to know that Premiere Pro is improving its ability to handle 4K media. It supports GPU-accelerated debayering (processing or converting) of Red 4K media, so you don't need Red's dedicated $4750 expansion card for that. Adobe says you'll still get "slightly better" performance with Red's card, but GPU acceleration should be loads faster than software-based processing. Premiere Pro CC 2014 formally supports GPU acceleration with even more graphics cards, too, but it still allows you to turn on GPU acceleration with almost any graphics card that has a minimum of 1GB of VRAM.
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