Here's a quick and dirty tutorial on how to round trip between Final Cut Pro 7 projects and Adobe CS5.5 Premiere projects via XML - go to the 5:40 Mark in the timeline if you want to jump straight to this demo.
There's also a very quick demo/intro to Premiere here. I've found myself going back and forth between the two pieces of software in the past few months with solid success with both Canon HDSLR footage and RED Epic footage.
Thanks to Richard Harrington for the help on making this post. You can check his work out at: richardharringtonblog.com/