The ability to squeeze the premiere pro timeline, so that it's easier to access distant clips (clips that are far away in timeline).
For ex, I am working on a sequence, there is an instance in my timeline where I need to work with similar clips at some other point far away in the timeline. So if I have an option like Squeezing timeline, I can start working with the two distant clips at the same time, without having to scroll across the timeline hundred times.
Matt Stegner commented
This sounds like you are describing zooming on the timeline? Timeline zooming has been part of Premiere for ever. The keyboard shortcuts are "-" and "=".
If you mean somthing other than zooming, please elaborate so we can better understand.