Thanks TheBitmap,
your solution worked perfectly! Watching the expand icon apparate next to the MPEG2 preset in AME was somewhat thrilling
Jeff Bellune,
I concur that deactivating and re-activating do not work since I am also updated to the current version (6.0.3). I guess the solution was deactivating and activating while at 6.0.1 before updating
Greg Barber,
You might want to update the http://helpx.adobe.com/premiere-pro/kb/features-presets-missing-premie re-pro.html fix to match this solution...
Thanks for the help everyone! (Except for the guy saying the only fix was buying some $1000 software)