Do not replace mapped drives with UNC paths
Premiere Pro replaces mapped drive letters with their UNC paths for imported media. This is wrong. Drive letters should be treated as aliases to actual locations and not be replaced by some arbitrary path that can and does change in some environments. At least provide an option for mapped drives to save drive letter and not the underlying UNC path.

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Eric Miller commented
From what I have recently discovered, this behavior is only exhibited if you import or relink files using media browser. Uncheck "use media browser" when relinking and use the windows dialogue instead. This was causing huge problems opening and using projects on different computers across our network. Premiere's file paths to the media used the IP address of the network drive rather than the drive letter. Adobe, please fix this. Always use the mapped drive letter.