Has anyone noticed that FCP renders Magic Bullet much faster than Premiere Pro and if you have, can you tell me if this is a problem with Premiere or Magic Bullet?

PPro2.0 is much faster than PPro1.5 with MB (although perhaps you may need an appropriate graphics card to see that speedup ... not 100% sure about that).

Which version of PPro, and which graphics card, do you have?

We're having the same issues and we're using PP2.0 and a Matrox rt card

On PCs, Magic Bullet can use Nvidia video cards to render faster (GPU acceleration). I don't think it works with ATI cards on PC.
The Mac situation is reversed, except FCP can't do any GPU acceleration at all.

I don't consider the Matrox RT to be a video card (semantics). When I say video card, I'm not talking about cards like the Matrox RT (which can't/don't do GPU acceleration).

That makes sense ... I have PPro2 and an Nvidia 6600GT and although I can't compare it to FCP speedwise, it is certainly much faster than the previous version of MB was with PPro1.5.