I wanted to create a timelapse that also slowly zoomed out.
So, here's how I did it:
I shot stills at an interval of 2 seconds apart. I shot for about 15 minutes.
These were then dropped into a 1080/30p sequence in Adobe Premiere. Each still became one frame in the video.
Since each frame was 2 seconds apart, one minute of shooting creates 30 frames or about 1 second of video. So - 1 minute of filming equals one second of timelapse video.
This sequence was exported as a QuickTime movie at 1920 by 1080, 30 frames per second.
The exported clip was imported back into Premiere and dropped into a 720p/30 sequence.
By using keyframes to control "scale" I was able to start with the clip at 100% scale -- larger than the 1280 by 720 frame of the video, and therefore "zoomed in" -- and then set a keyframe at 67% scale ("zoomed out"). This keyframed change in scale results in the feeling of zooming out.