Premiere is primarily a video editor. transition from clip A to clip B, etc.
After Effects is primarily a compositor, for like advanced titles, flying around stills, moving shit around in a 2d or pseudo-3d space, animation of layered PSDs or AI files or logos or whatever.
they share many attributes to greater and lesser degrees. you could edit video in AE and it wouldn't be the end of the world. likewise, you can do titles in premiere, though i can't speak much on that. I never open Premiere, and i think you can tell from my descriptions that most of my experience lies in AE-world.
they share a lot of effects and presets, last i looked.
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