i have premiere cs5.5 and used neoscene to encode my video files. and have my project set to the Cineform preset. under premiere preferences - player settings it is set to Adobe Player, but there is an option for CFRTplayback.

Should I choose the CFRTplayback? and what does this mean?

CFRTplayback is only useful now for 3D, so don't very useful in NeoScene.