Hey there,
i am looking for answers to this question since a couple of weeks. It seems that Walter ist rendering (exporting) files before switching from program to program. For AE and Premiere Dynamic Link, i found out at least two ways: one, you did by “Replace by AE Comp”. The other one is, to go to AE and click File > Dynamic Link > Import PPro Sequence. If you do so, there is no pink glob like you said. You can edit your sequence later on.
Disadvantage is, you cannot apply effects to just one of your edited clips, because you get one complete layer out of your premiere sequence. If you include different scenes and want to apply different effects, i dont know if you have to work with keyframes, transparency of control-layer or anything else.
Another problem i see: if i change the audio of an imported premiere sequence, AE does not update it. If i render out the video, i alyways get the audio i included first.
And further more, i had the experience, that effects i applied in premiere or blendings, were not transferred to AE, if i do it by “Replace by AE Comp”.
If there is anybody out there, who can explain some pros and cons of different AE / PP workflows, it would be a great help!
Excuse my bad english and thank you for help,
ms