Adobe Story is an application for writing scripts (as in screenplays, not as in computer programming) that integrates with applications in Creative Suite. In Creative Suite 5, you had to use OnLocation as an intermediary to get script information from Adobe Story to Adobe Premiere Pro. Now, with Adobe Premiere Pro CS5.5, you can go straight from Adobe Story into Adobe Premiere Pro.
This video on the Video2Brain website shows how to use a script from Adobe Story to improve speech analysis and then use the text metadata to edit video according to dialog in Premiere Pro. This video from Jason Levine gives an overview of the workflow.
One of the great benefits to bringing script information into Adobe Premiere Pro is that the script can be used to inform and improve the analysis of speech in a movie. When you use the speech-analysis feature, words in the audio track are converted into text metadata that you can use during editing. For example, you can navigate in a sequence to the exact time when a word is spoken by clicking the word in the Metadata panel.
For more of what’s new and changed in Adobe Premiere Pro CS5.5, see this page.