Summary: This is supposed to be a product aimed at professionals, whose time is valuable. Sony kicks that idea in the head with a product that is flawed and full of bugs and issues. I have wasted two months trying to get it work. Thankfully, I had not removed Vegas 9, and I have been using that, instead.
Cons: Crashes. GPU acceleration does not work on many cards and in many cases actually hurts performance. Slooooooooooow, jerky, previews that are worthless for editing. Cannot handle .mov, footage without crashing. Cannot open AVIs created with the Cineform envelope.