It seems that depending on what your film playback rate is, 23.97 or 25 or 30FPS , and I'm going to guess some sort of Vegas "default" frame rate, there is sometimes a misaglignment and I think this is a longstanding glitch and it needs developer attention. In certain applications of the Pan/Crop it is more critical than others to be dead on the key frame. YMMV, but it you are off the Key frame with the Cursor position, you can, and probably should, slide it, and as someone says, make sure the alignment is dead center or you're not really aligned. So, the tip of the diamond lining up with the cursor. Shouldn't have to be, IMHO, but that is the way it is. Sometimes, again, depending on your use for Pan/Crop it is not going to matter or be critical, and other times, yes, it is.