I used to work with Avid and the "collapse" command was very nice. Premiere Pro should have that. The best part is to be able to uncollpase the clip, make ajustment and collapse it back without getting out of the current timeline you are working on !
That way, you don't have to search for timing, etc..
For example if you want to change the scale of a clip at a precise moment that is in a nested sequence... if the uncollapse in the actual timeline was possible you would be at the right place each time.