I'm new to Premiere Pro and I love the subclip features. I just set the in and out points in the full video file in the source monitor, choose whether I want audio, video, or audio and video, and drag the video to a new bin, organised by topic (birds, scenery, rabbits, cranes etc.)
PP will ask for a new name when you drag the clip. I can then choose from all the new subclips that have been created and work with them just like full videos, dragging them on to sequences once or more than once. I find that much better than keeping all the clips on a sequence timeline as that just confuses me. Subclips and sequences have revolutionised my editing.
I found this out froma series of tutorials on YouTube:
http://www.youtube.com/profile_videos?user=wackytrixxie
This guy (Cal) has some great tutorials - at last, something useful on YouTube. They are for Premiere Pro 2, but most of the principles are exactly the same. He explains keyframes, subclips and much more. Well worth a watch if you are a beginner.