captions! DOCUMENTATION!!! TUTORIAL!!!
There have been some significant changes - mentioned in a late release but not documented.
It would be good if Adobe would create and release DOCUMENTATION and TUTORIALS for caption functions.
We're better than we were a year ago but there is much to do. If someone at Adobe had to actually caption a sequence in order to write the documentation and create the tutorial, and then mention the GRIPES he or she will inevitably have in doing this job, we might be closer to having this be a world-class part of Premiere Pro.
At the moment it is still too much the poor country cousin to other features. With the continued need for caption creation, this should be an opportunity for Premiere to excel and grab additional market share based on this tool's excellence alone.
Adobe Staff - Nate commented
Check out the newly re-designed captions experience, now in open beta.