Just as I’m starting to get used to Adobe Premiere CS5.5, I notice that its audio effects listing (in menus etc.) does not my system’s VST collection. Most annoyingly, because of that, my iZotope Ozone effects are excluded from Premiere. Seems unreasonable, given my long track record of employing such plugins in Sony Vegas.
I spent a good hour or two trying to understand and solve this, including much googling. At the end of that, I’m not sure what the problem is exactly, but it does look to me like Premiere is slightly lacking with regard to its ability to interface to VST effects. For a start, one of its assumed registry entries appears inappropriate to Windows 7 64-bit. Having hacked that into shape, Premiere at least noticed the existence of Ozone (and other VST effects on my system) then found itself unable to load it.
The best solution I found was really a work-around. Prom Premiere timeline, [aClip >RtClk> Edit in Adobe Audition]. That application has no trouble recognising iZotope plugins. However before getting too blinkered, try the native Audition effects first, including Noise Reduction, because they are pretty-good.