I get this request now and again on how to create the effect of someone typing letters on the screen so here it is.
Adobe updated After Effects since this tutorial was released, you no longer need to set anything to edit text layers in Premiere Pro. (Templates setting is no longer available)
I will be releasing a new tutorial in the future that uses new settings that are much easier.
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Change the speed of the Typewriter effect by selecting the second Keyframe and moving it. See this screenshot: http://i.imgur.com/EU014uz.png
To display a word at a time, see this screenshot: http://imgur.com/a/oYx3Q