Heres an update, Eran. Boris Red 5 for the Mac 64 has recently been released. It offers way more options and control for creating Premiere Pro 5.5 transitions. Ir also has a vast library of presets available. And at a price point less then Sapphire. I believe it is the best choice for editors looking for more creative options for transitions in PrP.
Tom, Thanks for your input. I agree about the premium price of Sapphire plug-ins, but I think you get a valuable product (V6 is even more impressive). As for FX Factory, I digg it as well, however as far as I know, it only supports FCP and After Effects. I really wish we can use it in Premiere Pro as well. It is also a Mac only solution.
I think Sapphire is good, but way over priced and dated. FX Factory has a lot of the same things with additional innovative ones as well. There is a certain snob appeal to owning Sapphire but better bang for buck with FX Factory.