Just came across this piece of interesting news about Sony Vegas 5.

Sony Media Software has announced the availability of a free update to its Vegas 6 non-linear professional video and audio editing platform.

The Vegas 6 update includes a new, high-quality H.264 AVC MPEG-4 encoder that allows Vegas users to deliver their projects on memory stick for playback on the PSP (PlayStationPortable) system. Content creators can now encode PSP system-compliant video at multiple bitrates, multiple framerates, and 4:3 or 16:9 frame aspects. Using the built-in Export to PSP wizard, editors can choose from a variety of PSP system-compliant encoding templates and place the rendered file on a PSP system-formatted memory stick in a single 'walk-away' operation. Playback of H.264 AVC MPEG-4 from memory stick is supported by the latest generation PSP firmware (version 2.0 or higher, required).

The update also expands the software's format handling options with file import capability for Sony's DVD Handycam camcorders. This new feature allows users to import files directly from a Sony DVD Handycam camcorder's disc onto the editing computer's hard drive. Once imported, the files can be loaded onto the Vegas timeline for editing, without requiring any further transcoding.

In addition, the Vegas 6 update includes a full resolution MXF reader for Sony XDCAM professional cameras and decks, allowing the editor to load full resolution MXF source files onto the Vegas timeline without a transcoding step. Any combination of 4:3, 16:9, 60i, 50i, 24p, DVCAM(TM) or IMX files from XDCAM cameras and decks can be used in the same Vegas timeline, and a wide variety of XDCAM essence mark types are supported.

Check out this link: http://www.sonymediasoftware.com for a sample download.