I noticed this article onthe anandtech site this morning and thought it might be interesting to some:
http://www.anandtech.com/video/showdoc.aspx?i=3339
The encoder is based on nvidia's CUDA platform that allows applications to use the GPU directly. Quite a few interesting things in there, some of it seeming to relate to the "Why can't Vegas use all 4 cores?" question.
Rob Mack