Been there, tried that about a year ago with same results. 😀
The Prores workflow in PrP does not use “Smart Rendering” like FCP did. Because PrP supports native clips on the timeline, when it Exports the timeline to your final file format, it rebuilds each frame to that format (instead of just stitching the preview files together like FCP did). So your speed up is realized only when you have clips with effects that you prerender on the timeline. When Exported just just those frames are rebuilt (no additional rendering needed).
Its faster to render in AE then export the files and put them on the timeline. AE uses multiprocessors and generally is faster at rendering than PrP.
So use Previews works, but not in the manner that you and I want. 😀
REMEMBER if you have a powerful enough system (fast processors, powerful GPU,lots of ram, fast array) you can playback your timeline without rendering anything at all. Just export when ready.
Tom Daigon
PrP / After Effects Editor
http://www.hdshotsandcuts.com
Mac Pro 3,1
8 core
10.7.3
Nvidia Quadro 4000
24 gigs ram
Maxx Digital / Areca 8tb. raid
Kona 3