I keep reading that this is available free, but am I right that you have to install the GoPro edit software to get it? Does it smart render in Vegas 12?
Yes, I believe you have to install the free version of GoPro/Cineform Studio. Unfortunately, it does not smart-render any more. It did in V10, but not in V12 or V13. If you want to smart-render, consider using Lagarith or Canopus HQ.