I've been playing with my GoPro Hero4 Black in 4K, 30p since I got it a couple of weeks ago. Being 4K I needed to use a proxy file for my rough cuts. (I use the original and lots of Preview RAM for the final editing). I let Vegas generate the proxy files for me and it can take upwards of an hour to make them.
But, I discovered that the GoPro makes them for me.
For example - If you use a GoPro at 4K, the DCIM folder contains two files: "GP000xx.MP4" and "GP000xx.LRV". The LRV file (apparently it's Low Resolution Video) is really an MP4 file. So rename the file to "GP000xx.MP4.svp0". Vegas is happy to use that proxy file as if it had made one itself.
(It really is Low Resolution, but it works for rough cuts).
But, I discovered that the GoPro makes them for me.
For example - If you use a GoPro at 4K, the DCIM folder contains two files: "GP000xx.MP4" and "GP000xx.LRV". The LRV file (apparently it's Low Resolution Video) is really an MP4 file. So rename the file to "GP000xx.MP4.svp0". Vegas is happy to use that proxy file as if it had made one itself.
(It really is Low Resolution, but it works for rough cuts).