This video tutorial by photographer Nathaniel Dodson (from the website tutvid) looks at creating a cool looking rolling shutter video transition in Premiere Pro.
Creating this effect is not too complex. You bring in two videos in Premiere one next to another and create a sequence. Next you make and add an adjustment layer of 60 frames (type 60 in the speed/duration tab) and place it between the two clips.
Add the offset effect to the adjustment layer. Change the Y axis (Dodson changed it to around 7000). Add ease in and out and two key frames and make them as close as you want to speed the effect up. This can be all your effect but you can do more.
You can also add a directional blur and again add key frames to make it faster or slower as Dodson demonstrates. If you like you can also add some noise just to finish this effect off.
The really last addition to this transition that Dodson demonstrates is adding a black mate. He creates 3 of them which divide the screen (he also explains the calculations which sound a bit complex but you can play with it a bit to get the same thing yourself). There is a little bit more to this last one but it can really add the final touch to your transition.