Hello there. This is not a Sony Vegas related question, well it is at some extent.
I am planning on buying a new Camcorder its the 'Sony HDR-FX1'. The only way I can transfer my video footage from the camcorder is via a firewire cable. I have never used firewire transfer before. I would like to know how exactly does this work, I understand you plug the cable into the camcorder then into the PC, but where does the video files get transfered to then? I would like to edit the footage in Sony Vegas.

Many Thanks for your time.

Think of it a bit like a memory stick plugged into a USB socket. In principle, with a stick, you can put the files anywhere you like. Fire wire is like that but you use your movie programme to store the information - in your case Sony Vegas. Sony Vegas has a video capture/import function and pretty much expects to use firewire. You will find the manual quite helpful (on the programme CD). You can put the files where you want, but it will default to a folder on your C drive. The only real difference between the sticks and video is that video is not drag and drop until it's on the computer.

Thanks for the reply. So basically all the video files will store onto my hard drive, then its a simple drag the files to Sony Vegas?

I think you might have to get your mind round Vegas a bit. there's a "how to" dialogue that opens when Vagas Movie Studio opens. There's a bit on here showing how to capture video. It involves the little picture of a camera on the project media tab.
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once the video clips are captured and on disk, you can import them into other projects via the "file, import" option.

Be patient with me; I'm quite new to this too.

Personaly, I like to think of it more like your plugging cable into your tv and watching it. If you want to save it you have to record it on to a vhs or dvd (or in your case, your hard-drive). First, open vegas and click "file". Then click "capture video". This will open a new window, and you can start recording it to your hard-drive!