I'm not being humble. I long realized the more you know, the less you actually knew.
Although I first learned about avisynth a few years ago, I was reluctant to try it . Just because I was doing ok with what I knew (I started playing with S/VCD since '99), why fix it if it ain't broke? Ofcourse, I was never good with commands, I was intimidated by it. But like alot of people, I started to grew picky with the qualities of my encodes with limited tools, that's when I braved myself to try out avisynth. ( I regretted for waited so long )
Avisynth is a frameserver with ability of applying various types of filters with lightning speed. Here's an old post I found which you can get a better understanding, the post was written in 2002, so alots been updated since:
http://forum.videohelp.com/viewtopic.php?t=99389
It is extremely easy to start making your first basic script, which you can use it to frameserve almost all sorts of formats to a directshow enable player or to most encoders. (Only encoder I have problem frameserve the script to is Winavi, and this is the only "all-in-one" encoder I have, so I wouldn't know how it fares with other all-in-ones).
Benefits of frameserving, as long the video file has no major problems, like too many corrupted frames or was badly encoded, the frameserver will decode any formats* and feed the frames of the video file one frame at a time. While quite a few encoders might struggle and choke with the video file due to a varieties of reasons.
While frameserving, different filters can be apply along simultaneously. Usually performs faster than build-in filters of most video encoders.
The benefits of frameserving with avisynth are enormous. Encoders job is to encode, while some encoders may have build-in filters, but they are often limited and extremely slow when certain filters were applied. And because avisynth is open source, there are so many hard core enthusiasts constantly adding new useful filters to support avisynth. I don't think any commercial softwares can ever catches up.
Premier and Vegas may have plenty of good filters to work with, but I think the learning curve would be alot tougher than avisynth. Besides, both softwares might choke on certain video files as well. They would probably work better with avisynth.
I'll try to find some time and start a thread to share what I'd learned. But so far it is very limited, I'm a slow learner. Hopefully some others will also share their knowledge of avisynth as well.