One thing I found last week which may be interesting is the ability to use PS in grading video, so if you have years of experience with PS this might come in handy, I just thought it was cool http://phlearn.com/how-to-color-grade-video-in-photoshop
Yeah, Photoshop has very basic video tools but it's pretty good if you don't need much. Grading is going to be extremely slow and never going to work in real time even with the best hardware out there (it's just not optimized like Premiere previews), but converting a clip to Smart Object and applying the Camera RAW filter opens up a world of possibilities.
Though I noticed lower quality output when rendering video with the integrated Media Encoder in H.264, as in a couple videos I did it didn't apply the filters uniformly on some frames. In particular it applied saturation and color adjustments but skipped contrast settings on a few frames, which can be noticed as a light flickering in the final video.
If you keep edits minimal, it's allright, but for anything serious you're better off with Premiere Pro, the full Media Encoder and Speedgrade (the CC version can import Premiere projects directly without having to render intermediates and go back and forth).