OK, I remember editing HDV footage with Vegas 8.0b and it did smart-render both for pre-renders and for final renders. I remember that for the parts it didn't need to render the monitor window would go black and it said something at the bottom to note that it didn't need recompressing, and then it only showed the footage that needed so, such as transitions, filters, etc.
Now I'm editing HDV on 8.1 and while a pre-render to the HDV module is a snap thanks to smart-render, the final render is recompressing every single frame. The setting for no recompression is checked in the preferences, so what's the deal? 8.1 doesn't support smart-render for final renders? Why would it support it for pre-renders, but not for final renders?