Thanks for your swift response.
I have come to understand that my purchase of a DVD camcorder was a bad one considering my desire to edit footage through Premiere Pro CS2. I was hoping that there was a way that I could uncompress the VOB footage I obtain from my camera, then edit it before compressing it into its final form. As it stands, my final output from PRemiere Pro is a compressed version (MPEG-2) of already compressed footage (MPEG-2). That doesn’t sound healthy! Any advice?