I tried it recently and it worked on export. But when I tried AAF for media composer it crashed. I was trying to see if I could interface with Edius but it continually crashed on export so I gave up.
Vegas has had problems exchanging files for years. Many folks still use OMF audio exchange format which usually works well. Unfortunately, Vegas does not directly support the format so a third-party conversion utility would be needed such as from SSl or the more affordable AATranslator. Unfortunately an OMF file is limited to 2GB, so workarounds are necessary on large file count projects if the audio is embedded.
Most people don't realise that there are AAFs and then there are AAFs from Media Composer and most application do not read both - so much for a 'common' format.
Depending upon how much detail is in the session that needs to be converted the cheapest and simplest way is to render to stems but for maximum detail converted you can use AATranslator to convert to a PTF
Rendering stems or the TL tracks is an option. VASST's Trackalizer can help with the process.
I would prefer the original EDL and audio tracks over rendered stems or tracks.