For anything that is going to be for broadcast you should use the 7.5
You can get away with a 0 setting for pretty much everything else but broadcast TV uses the 7.5 setup. I always stick with a 7.5 no matter what I do.
This is a tricky (and sticky) one.
I've found that scopes in VEGAS, PREMIERE PRO and MATROX RTX100 don't give accurate waveform values when compared to an external waveform monitor on the analogue out. As I produce BETACAM copies for broadcast, the analogue out threw my DSR-11 is the signal I monitor.
For VEGAS, I've found that checking 7,5 IRE AND STUDIO RGB will give the good values. BUT I have to put the color corrector filter "Computer RGB to Studio RGB" to the output to have my final rendered video at the right levels.
Kind of complicated, but it works for me.
This is indeed tricky stuff. I have a Sony TRV330 and it is putting out black level at 7.5 IRE (according to my WFM). In VV, I select StudioRGB (16 to 235) and do not select 7.5 setup and VV's WFM also shows my black at 7.5 - all seems OK.
However, my DVD player does add 7.5 IRE and if I make a DVD of the video, it will have the black at 15, unless I make adjustments somewhere in the process - in VV or the mpeg encoder. So looking at my output from VV through the camera shows 7.5 IRE darker than the DVD will be. So I use the "Levels" FX and set the "Output start" to 0.075 and that moves my black pedestal up 7.5 IRE and now I can see better what my final DVD will look like.
I could simply select the "7.5 setup" option in VV 's WFM and that will indicate what the DVD player will do, but this will not alter the output through the camera and this output will appear darker than the final DVD.
Of course, I have to remember to remove this Levels FX before rendering or the video will be too bright. On my system the color corrector filter "Computer RGB to Studio RGB" function doesn't correct quite enough (of course I could adjust theses settings as well).
If the end use does not add "setup", then I wouldn't need to make these adjustments. Another interesting variable - this is all applicable to the VV DV codec. Microsoft and other codecs will, in many cases, decode DV somewhat differently.