Correct way to start dynamic link project with PPro

Question

I tried and failed to correctly initiate an After Effects project using dynamic link to a PPro project (this is the Production Premium CS5 package I'm talking about here). I could see and edit the PPro project in AE, but couldn't see the AE changes in PPro.
In CS4 and below, dynamic links were one way streets, so this behavior would be expected. Supposedly, in CS5 and above, dynamic links are two way streets, so I should be able to move back and forth between applications seemlessly. More or less. At least without having to render. Yes?
So... how do I actually do it? Darned if I can figure it out from endless days of reading the manuals and looking for tutorials to explain it.
What I'm wanting to do, in the end, is to do my edits in PPro, then move to AE to color grade and add motion graphics (like lower thirds, maybe some titles). Depending on the needs/desires of customers, I might have to re-edit and re-correct several times (iteratively). So I want to learn how to make interative editing/effects with PPro/AE work as Adobe seems to think it should -- a two way street.
How do I do that? What are the steps in PPro, and in AE, and in what order?

Answer 1

There are a three of ways you can do this.
1. Right click on a selected clip or group of clips and select "Replace with an After Effects Composition"
AE will open up and ask you for a name for the composition. Make sure that you put the AE project in a folder that's related to your Premiere project so that it can be found easily and so that it can be archived. Make sure that you save the composition. You will then see the composition in the Project window in PPro but it will have the default Untitled Linked Composition 01 name. You can change the name if you like but it's not necessary.
Now everything you do in AE will show up immediately in PPro. Rendering of the project will take place in PPro using the sequence settings or the Media encoder settings.
2. Go to File>Dynamic Link>New After Effects composition
If you have AE open with a current project it will add a new untitled comp to AE. You can set the comp settings to anything you like, add any footage you like, and then go back to PPro and drag the new composition to the timeline and treat it as any other footage. Once again, everything you do in AE will show up in PPro.
3. Go to File>Dynamic Link>Import After Effects composition
You will be taken to a window that will allow you to pick your .aep file in the left side and then pick the composition in the right side of the UI.
That should get you started. As long as you have the system resources to handle running both apps this is a very efficient way to work. The biggest danger is that you'll forget to save the project, exit, and loose a bunch of work.