If a person wanted to use Aftereffects to create an opening sequence of about 15-17 seconds consisting of many (say. . .40-50) 2 second clips. Is there any way for After effects to open a 20-30min video in-program, create in/out tags or markers and then just extract the footage from within the tags/markers, placing them in the time line?

You could use the IN and OUT Points and then Insert/Overlay to the Comp in the AEFX footage window but I would suggest that this is a lot slower than using Premiere.

Why would you use AEFX for this easy job if you have Premiere?

Lloyd Alvarez has a script that detects scene changes and automatically splits footage at those points.

<http://aescripts.com/magnum-the-edit-detector/#more-26>

To Craig: You rock!! I just completely had a mental brown out on that whole feature of AE. I feel like an artard. This is exactly what I'm needing. Thank you very much

To Andrew: I appreciate any and all suggestions to the fullest. However, I needed something with more control.