I'm gonna head you off at the pass: I read Glenn Chann's colorspace articles, but I'm still a little confused.

I have a Sony HC7, and I record using the x.v.Color mode which is a larger colorspace. I have a Pioneer Kuro plasma which supports that larger colorspace (It has "Deep Color Support", which I assume is similar or the same to Sony's x.v.Color.)
I have a PlayStation 3 which plays .m2t files natively and has HDMI 1.3, and therefore my whole chain here should allow the viewing of these larger colorspaces.

If I play an .m2t clip on the plasma that was rendered from an 8-bit Vegas 8.0c project, it seems to have a hazy film over it when compared to the same clip rendered from a 32-bit project in Vegas.
Frankly, I prefer the look of of the 32-bit render: the blacks are blacker and colors seems more saturated. (the 8-bit clip has less contrast.)

My question is this: Is the color "correct" for the 32-bit render, .i.e. does it contain more spectral info or am I just viewing some visually appealling, but not accurate, contrast enhancement because I rendered in computer RGB with the 32-bit setting? Is the dynamic range actually larger with the 8-bit files?

Also, with a trial version of Neo Scene, I read that it changes the 4:2:0 compression to 4:2:2 upon converting the .m2t files. I take it this is not the same thing as a 32-bit project setting?

Thanks for any clarification...