Adobe Premiere Pro 2.0 Studio Techniques

Outside of the Effect Controls panel you can still make adjustments to transitions in the Timeline panel. If the track is collapsed, you only will be able to edge trim the duration of the transition and slide it to a different position between the clips.

When the track is expanded, the transition reveals itself in the upper portion of the track with the cut point of the clips below. To make modifications to the transition, click and adjust within the boundary of the transition "Band-Aid." To make adjustments to the clip (ripple and rolling edits), select the appropriate tool or shortcut modifier, then click and drag below the transition in the clip cut point area.

Although you don't lose functionality in the timeline adjustments, you do not get to see the additional available material. So if you are dragging a transition edge in the timeline and it won't go any further, double-click the transition and look in the Effect Controls panel. You will find that there is no additional material to make up for the adjustment you want to apply.