So as the video material is being captured, would all my stops and starts during a video shoot be spit up? There is always a time separation between scenes but sometimes it may only be a few seconds difference. Does Vegas recognize this? Thanks.

Yes - so long as "Enabme DV scene detection" (or similar phrase) is switched on in the Capture options, and you have recorded on a camcorder on which the date/time has been set.

It's called Scene Detection - make sure it's enabled in capture settings if you want it.
It will pick up every time the camera was stopped then started again, even for a couple of seconds.

All of the above, PLUS you can use the Advanced Capture option. It allows you to go through your material and set INs and OUTs. The Vegas Capture program stores this information and when you hit Capture, it goes away and captures each and every selection you asked for. It is another way. I've used it, but I don't now, I rely on the methods above. But do experiment with it, you may find it is what you are after. If not, then nothing lost.

Grazie