Im considering purchasing Light Room 4.

Can the user presets saved in light room during photo CC be imported into Premiere CS5 and applied to the video clips?

Thanks,
Jeff

No, It will play but in develop module it says" Video not supported in develop " there is a work around:
http://tv.adobe.com/watch/whats-new-in-lightroom-4/working-with-dslr-video-/#/watch/whats-new-in-lightroom-4/working-with-dslr-video-