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From Ulead's website, it looks as if Ulead Video studio is a home product, while I know that Adobe Premiere is geared more toward professional video editing.
Both of them likely offer similar features for basic video editing; however, I would expect Premiere to offer a lot more in terms of advanced effects and editing processes.
I own Premiere 5.1 (older version) and have used the basics of it, but I have never used Ulead video studio so I cannot provide much personal insight. Hopefully someone can give you with a definitive answer.
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