Paul
(Using Avid MC7.04 and exporting AAF linking media. Importing to CC2014.01. )
I've seen gaps where AMA clips are (is that why you are transcoding?) - which makes sense.
I'm not seeing the same jpeg issues but ones that are hard imported to avid then sent to Premiere via AAF are funky. The one I tried did not display in the timeline viewer, but would show in the source viewer, then scrubbing in the timeline made it visible in sequence viewer. Would then, inconsistently, be visible during play. Chances are you'd want to replace with better resolution than the MXF files anyway.
The titles come across without font typeface/size/weight or caption positioning info - they all pile up in Lucida Grande 81 point on top of each other. They are nested with a layer per text box. Also boxes and lines didn't come across.
You might want to beware speed events in the AAF too... I've seen those get out of sync / run with slightly strange speeds... workaround is to have 2 keyframes per avid speed effect - brings into Premiere as timewarp effect rather than timestretch.
Also stereo audio tracks can get a little funky... Premiere does some kind of merge clip / nest action but doesn't pan correctly. May be an issue with OP-Atom files.
I suspect there's a document somewhere where Adobe would tell us what does come across and what to watch out for?
Adobe do seem to listen though... so hopefully this'll get sorted for Avid->Adobe for finishing workflows. There's a good chance you'll see quite a bit more Adobe originated editorial too. Which, as they seem to advocate not switching versions 'mid-project', will make for interesting times in the finishing world.
Which horse will be flogged longest though - DS or FCP7?
Trevor