You can open, view, and render projects from Adobe Premiere 6.5 and 6.0 that contain effects not included with Adobe Premiere Pro. Newer effects have replaced most of the older effects and contain comparable, if not improved, features. Adobe Premiere Pro retains all discontinued effects for compatibility with older projects; however, you cannot reapply them. Note: Adobe Premiere Pro does not support Adobe Premiere 5.0 effects and removes these if you open an Adobe Premiere 6.0 project file that contains them.
According to the Premiere Pro 1.5 Help:
Note: In Adobe Premiere Pro 1.5, the following effects are obsolete: Crystalize, Pinch, Pointilize, Shear, Tiles, Wind, and Zig Zag. Though you can no longer apply these effects in new projects, Adobe Premiere Pro 1.5 will recognize them in any legacy projects where they are used.