One of the big problems is that I can't take a Raylight project anywhere and edit it. Cineform has a playback codec so while I can't render back to Cineform, I can still open a Cineform project. If I take a Raylight project on the road to a Vegas computer without Raylight....screwed.
My other problem is just Vegas. I duplicated this with WAV files, so I now now it has nothing to do with Raylight. If you select an area to render starting at the very beginning of the project and hit render to new track the resulting render will then appear on a new track. Unfortunately it will be ever-so-slightly longer than the original for no reason whatsoever. There doesn't appear to be a blank space at the beginning, so Vegas is introducing some miniscule, but significant level of stretch to things it renders. I've recently started going back and forth between Vegas and After Effects and this is a deal breaker. Really thinking of not upgrading to 9.