Yes, the non-pro version 8 is pretty good. It is better than Pinnacle's video editor, and is much more capable than Pinnacle's, and both fall in the same price range. I have Vegas Movie Studio 8 Platinum and am mostly satisfied with it, but if I had the money, I'd get the Vegas Pro edtion based on what users have said about this edition.
Movie Studio 8 allows four video tracks and 3 sound tracks. The Pro edition allows unlimited numbers of tracks. The interface could be easier to use, but it allows you to do many thing with accuracy by plugging in numbers, not just using sliders. It renders mpg files, Apple mov files, mp3 files, WMV files, and each file type has preset rendering settings for the kind of file you want to make (CD, DVD, or computer and streaming WMV) and you can make your own customized presets for any of these file types. The Platinum (non-pro) edition adds some effects from NewBlue that are unnecessary for operation, but at times are very convenient. The non-pro edition does not render Flash video, but I think the pro edition does (not sure on this). The learning curve is steep at first, but very quickly the slope gets gentle. Once you learn the non-pro edition, you'll probably (as I do), wish some of the features were easier to use. But the price/perfromance ratio on the non-pro edition is very high and is well worth the investment (right around $100). Still, if you have the money, the pro package is more capable and to my understanding is highly regarded by those who own it. Decide on your needs and aspirations, and spend accordingly.